Using the Following Choices, Show the Justification for Each Provision

question 72

Multiple Choice

Using the following choices, show the justification for each provision of the tax law listed.
a. Economic considerations
b. Social considerations
c. Equity considerations
d. Both a. and b.
-A Federal deduction for state and local income taxes paid.

• A)Deferral of gains from involuntary conversions
• B)Carryforward of net operating losses
• C)"No change" is a possible result
• D)State income tax applied to a visiting nonresident
• E)IRS special agent
• F)Undoing the "piggyback" result
• G)Ideal budget goal as to new tax legislation
• H)Every state that has a general sales tax has one
• I)Imposed by all states and the Federal government
• J)Imposed by some states but not the Federal government
• K)Imposed only by the Federal government
• L)No correct match provided

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Definitions:

Entitlement

A sense of being inherently deserving of privileges or special treatment, irrespective of one's actual achievements or efforts.

Manipulative Behavior

Actions designed to influence or control others in a subtle or deceptive way to gain advantage.

First-borns

Refers to the first child born into a family, often associated with specific psychological and behavioral traits.

Later-borns

Siblings born after the first child in a family, who may experience different parenting styles, resources, and family dynamics than their older siblings.