Which of the Following Would Be Considered an "Other Comprehensive

question 65

Multiple Choice

Which of the following would be considered an "Other Comprehensive Income" item?

• A)Net income
• B)Gain on disposal of discontinued operations
• C)Other revenues and gains
• D)Unrealized loss on available-for-sale securities

---

Definitions:

Benefits Principle

A taxation theory suggesting that people should be taxed based on the benefits they receive from government services.

Progressive Tax

A tax system in which the tax rate increases as the taxable base amount increases, resulting in higher income individuals paying a larger percentage of their income in taxes compared to lower-income individuals.

Vertical Equity

A concept in taxation that argues taxpayers with a greater ability to pay taxes should pay more, compared to those with a lesser ability to pay.

Marginal Tax Rate

The tax rate that applies to the last dollar of the tax base (income or wealth) earned.