________________ as It Is Practiced Today Was Devised to Avoid

question 11

Short Answer

________________ as it is practiced today was devised to avoid the mechanical application of the harsh penal codes of earlier times.

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Definitions:

Unrealized Profits

are profits that have been earned but not yet realized through a transaction, such as an increase in value of unsold stocks.

After-Tax Dollar Value

The amount of money left after federal, state, and other governmental taxes have been deducted.

Tax Rate

The percentage at which an individual or corporation is taxed on their income or profits.

Adjusted Net Income

Net income adjusted for specific expenses, revenues, gains, or losses to provide a clearer picture of operational performance.