Provide an Appropriate Response

question 106

Essay

Provide an appropriate response.
-The data below represent the alcohol-related driving fatalities, in thousands, in the United States over a
20-year period. Use a time series chart to display the data. Describe any trends shown. $$\begin{array} { l | c c c c c c c c c c } \text { Year } & 1983 & 1985 & 1987 & 1989 & 1991 & 1993 & 1995 & 1997 & 1999 & 2001 \\\hline \text { Fatalities } & 25 & 23 & 24 & 22 & 20 & 18 & 18 & 17 & 17 & 17\end{array}$$

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Definitions:

Market Value

The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently, and without compulsion.

AMTI

Alternative Minimum Taxable Income, calculated by adjusting the regular taxable income with specific preference items and adjustments.

Exemption Amount

A specific dollar amount that taxpayers can claim for themselves and their dependents to reduce taxable income before computing the income tax owed.

Joint Tax Return

A combined tax return filed by married couples or civil partners, allowing them to report their incomes, exemptions, and deductions together.