Which, If Any, of the Following Provisions of the Tax

question 118

Multiple Choice

Which, if any, of the following provisions of the tax law cannot be justified as promoting administrative feasibility (simplifying the task of the IRS) ?

• A)Penalties are imposed for failure to file a return or pay a tax on time.
• B)Prepaid income is taxed in the year received, not in the year earned.
• C)Annual adjustments for indexation increases the amount of the standard deduction allowed.
• D)Personal casualty losses in Federally declared disaster areas must exceed 10% of AGI to be deductible.
• E)A deduction is allowed for charitable contributions.

Understand the legal roles and responsibilities of promoters, directors, and agents in the formation and operation of a corporation.

Comprehend the regulatory framework governing securities and the role of securities commissions.

Grasp the concept of fiduciary duties owed by directors, officers, and agents to the corporation and its shareholders.

Recognize the legal mechanisms available to shareholders for addressing breaches of duty and protecting their interests within a corporation.

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Definitions:

Elementary School Child

Refers to a child attending elementary school, generally aged between 6 to 11 years, and developing in terms of cognitive, emotional, and social abilities.

Sense Of Inferiority

A feeling of not being as good as others, which can lead to motivation to achieve or can result in withdrawal and social avoidance.

Sandra Bem

A psychologist known for her work in gender studies, particularly the Bem Sex-Role Inventory, which challenges traditional gender norms and promotes the concept of androgyny.

Androgyny

Characteristic of possessing the most positive personality characteristics of males and females regardless of actual sex.