With 888 Numbers,the ________ Pays and Pays ________ Per Minute

question 37

Multiple Choice

With 888 numbers,the ________ pays and pays ________ per minute than direct distance dialing.

• A)caller, more
• B)caller, less
• C)called party, more
• D)called party, less

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Definitions:

IRC Section 121

A provision in the Internal Revenue Code that allows homeowners to exclude up to $250,000 ($500,000 if married filing jointly) of capital gains on the sale of their primary residence, subject to certain conditions.

Receipt of Boot

Tax term referring to non-like-kind property or cash received in an exchange, which may trigger taxable gain.

Like-kind Exchange

A tax-deferred exchange of similar properties under section 1031 of the U.S. Tax Code.

Installment Method

A tax method allowing income recognition from sales or transfers of property over time as the seller receives payments.