Explain Why the Taxation of E-Commerce Raises Governance and Jurisdiction

question 81

Essay

Explain why the taxation of e-commerce raises governance and jurisdiction issues.

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Definitions:

Itemized Deductions

Expenses allowed by the IRS that can be deducted from adjusted gross income to reduce taxable income if chosen instead of the standard deduction.

AGI

Adjusted Gross Income refers to the total income reduced by certain deductions to ascertain the tax obligation.

Casualty Losses

Financial losses resulting from sudden, unexpected, or unusual events such as natural disasters, theft, or accidents, which may be deductible.

Adjusted Gross Income

Gross income after certain adjustments have been made, used as the basis for calculating taxable income on an individual's tax return.