Instructions: Identify the Following

question 101

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
USA-Patriot Act

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Definitions:

Qualified Pension Plan

A retirement plan that meets the requirements of the Internal Revenue Code, thereby offering tax advantages such as deferred taxation on earnings.

Nontaxable

Describes income or transactions that are not subject to income tax by law or specific exemption.

Fully Taxable

Income that is subject to tax at the regular rates without any deductions or exemptions.

Coverdell Education Savings Account

A tax-advantaged investment account in the United States designed to encourage savings to cover future education expenses.