In the 19th and 20th Centuries, Immigrants Entered the United

question 37

Multiple Choice

In the 19th and 20th centuries, immigrants entered the United States at what location?

• A) Boston
• B) Ellis Island
• C) Philadelphia
• D) Washington, D.C.

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Definitions:

Personal-Use Property

Items owned for personal enjoyment or use, such as a residence or car, that typically do not qualify for tax deductions or depreciation.

FMV

Fair Market Value is an estimate of the market value of a property or asset, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller.

§179 Expense

A section of the U.S. tax code that allows a business to deduct the full purchase price of qualifying equipment or software within the tax year.

Business Assets

Economic resources or items of value owned by a company that are expected to provide future benefits or profits.