Using the Following Choices, Show the Justification for Each Provision

question 72

Multiple Choice

Using the following choices, show the justification for each provision of the tax law listed.
a. Economic considerations
b. Social considerations
c. Equity considerations
d. Both a. and b.
-A Federal deduction for state and local income taxes paid.

• A)Deferral of gains from involuntary conversions
• B)Carryforward of net operating losses
• C)"No change" is a possible result
• D)State income tax applied to a visiting nonresident
• E)IRS special agent
• F)Undoing the "piggyback" result
• G)Ideal budget goal as to new tax legislation
• H)Every state that has a general sales tax has one
• I)Imposed by all states and the Federal government
• J)Imposed by some states but not the Federal government
• K)Imposed only by the Federal government
• L)No correct match provided

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Definitions:

Abstract Ideals

Concepts or principles that exist in thought or as an idea but do not have a physical or concrete existence.

Social Conventions

Established norms and agreed upon standards of behavior in a society.

Preexisting Rules

Regulations or guidelines that were established before a particular event or situation.

Elaborate Rules

Detailed and sometimes complex guidelines and principles designed to govern behavior or procedural processes.