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Technologies Such as Interactive Cable Systems, Internet-Ready Smart TVs, and Smartphones

question 59

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Technologies such as interactive cable systems, Internet-ready smart TVs, and smartphones and tablets allow consumers to use their TV remotes, phones, or other devices to obtain more information or make purchases directly from TV ads. This is referred to as advertising.


Definitions:

Simplified Tax Formula

A streamlined calculation to determine taxable income by subtracting allowable deductions and exemptions from gross income.

Income Tax Returns

Income Tax Returns are forms filed with a taxing authority that report income, expenses, and other pertinent tax information, used to calculate tax liability.

Private Letter Ruling

A written decision by the Internal Revenue Service in response to a taxpayer's request for clarification on a specific tax issue, applicable only to the individual or entity that requested it.

Tax Authority

Governmental agencies responsible for the enforcement of tax laws and the collection of taxes.

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