Instructions: Identify the Following Terms

question 29

Short Answer

Instructions: Identify the following terms.
China's family planning

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Definitions:

Non-recognition of Gain

A tax principle that allows taxpayers to defer recognition of capital gains taxes if the gains are reinvested in similar property or under certain qualifying exchanges.

Involuntary Conversion

Involuntary Conversion is the process where property or an asset is destroyed, stolen, confiscated, or condemned, and the owner receives compensation, such as insurance proceeds or condemnation awards.

Gain

An increase in wealth, income, or value, often realized from investments or sales of assets.

Election

A decision made by taxpayers regarding the treatment of certain tax items, such as choosing a filing status or opting for a standard or itemized deduction.