After Many Disasters, It Is Natural and Expected for People

question 12

Essay

After many disasters, it is natural and expected for people whose homes and businesses have been destroyed to want to rebuild as quickly as possible. Explain why it may be short-sighted to only consider the speed when rebuilding and recovering from disasters.

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Definitions:

Taxable Income

The sum of earnings that determines the tax liability of a person or business to the government, once all deductions and exemptions have been applied.

Charitable Contribution

A donation or gift to a non-profit organization or charity that is often tax deductible for the donor.

Net Income

The amount of money left after all expenses, taxes, and deductions have been subtracted from a company's total revenue.

Separately Stated Items

Items on a partnership or S corporation tax return that are passed through to the owners or shareholders separately from ordinary income.