O'Neil Raised 80 Acres of Corn,most of Which He Used

question 29

Multiple Choice

O'Neil raised 80 acres of corn,most of which he used to feed his own cattle.He locally sold what he did not use.Based on the Supreme Court's ruling in Wickard v.Filburn:

• A)Congress has no authority over Thompson's activity based on the negative aspect of the Commerce Clause.
• B)Congress may regulate Thompson's farming activity because it has a substantial economic effect on interstate commerce.
• C)Thompson's farming activity may not be regulated.
• D)only Thompson's state government can regulate his farming activity.

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Definitions:

Actual Expenses

Real, documented expenses incurred for a specific purpose, often used for tax deduction calculations.

Local Benefits

Refers to services or advantages provided by local government or community organizations to their residents.

Real Property Taxes

Taxes imposed by local governments on real estate properties based on their assessed value.

Deductible

A cost that can be deducted from total income to lower the taxable income amount.