In Mumbai, How Do People Without Permanent, Legally-Recognized Residences Gain

question 8

Multiple Choice

In Mumbai, how do people without permanent, legally-recognized residences gain access to water?

• A) Bottled water is the cleanest, most inexpensive option.
• B) They use social relationships to access water and illegally take water from public pipes.
• C) They get it from hotels when guests accidentally leave the taps running.
• D) City officials make municipal water supply is made available to poor people living in shanty towns.

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Definitions:

Fair Market Value

The price at which an asset would be bought or sold in an open market.

Tax Consequences

The financial effects of transactions on tax liabilities, including how investments, income, or deductions affect taxes owed.

Basis

The initial value of an asset for tax purposes, usually the purchase price, used to calculate gains or losses when the asset is sold.

Recognized Gain

The profit realized from the sale or exchange of an asset over its adjusted basis.