The Third Branch of Buddhism,______________,incorporates the First Two Branches Along

question 131

Multiple Choice

The third branch of Buddhism,______________,incorporates the first two branches along with some aspects of Hinduism;it emerged in Tibet in the seventh century.

• A)Theravadin
• B)Vajrayana
• C)Nirvana
• D)Mahayana

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Definitions:

7-year Property

Refers to assets that have a recovery period of 7 years under the Modified Accelerated Cost Recovery System for depreciation.

AMT Purposes

AMT purposes relate to the calculation for the Alternative Minimum Tax, a supplemental income tax required in addition to baseline income tax for certain individuals, corporations, estates, and trusts.

AMT Depreciation Adjustment

Adjustments made for alternative minimum tax purposes, recalculating depreciation based on specific AMT rules.

7-year Property

Assets, such as machinery and equipment, used in a business, deemed to have a depreciable life of 7 years for tax purposes.