Those Who Violate Environmental Laws

question 20

Multiple Choice

Those who violate environmental laws

• A)may be subject to criminal penalties if they violate certain statutes of the EPA.
• B)are liable only for civil damages.
• C)rarely receive punishment due to the lack of any strong structure of federal regulation.
• D)may face criminal charges, but not imprisonment.

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Definitions:

MACRS

The Modified Accelerated Cost Recovery System, a method of depreciation for tax purposes that allows faster write-offs on property.

Mid-Month Convention

A rule for depreciation of business assets that assumes assets are acquired and disposed of at the midpoint of the month.

Personal Property

Assets belonging to an individual that are movable, excluding real estate or land.

Fines Paid

Monetary charges imposed as a penalty for breaking laws or regulations, generally not deductible for tax purposes.