On Occasion, Congress Has to Enact Legislation That Clarifies the Tax

question 157

True/False

On occasion, Congress has to enact legislation that clarifies the tax law in order to change a result reached by the U.S.Supreme Court.

---

Definitions:

Debt

An amount of money borrowed by one party from another, which needs to be repaid usually with interest.

Compounded Annually

Refers to the process where the interest on an investment or loan is calculated annually and added to the principal, so that the balance doesn't merely grow by the initial rate of interest but by the interest on the interest as well.

Contributions

Contributions are amounts of money or resources given by individuals or entities to a common fund or cause, often for charity, investments, or pooling resources.

Investment

Allocation of resources, usually money, in expectation of a future financial return or benefit.