Once Set for a Year, When Might the IRS Change

question 47

Essay

Once set for a year, when might the IRS change the rate for the automatic mileage method?

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Definitions:

Factor Endowments

The quantity and quality of labor, land, and capital that a country possesses, which determine its potential for producing goods and services.

Labor

Human endeavors, involving both bodily and mental work, employed in generating goods and offering services.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain, such as forests, minerals, and water.

Domestic Price

The price of goods or services within a country's borders, as opposed to international or import/export prices.