The Equal Rights Amendment

question 2

Multiple Choice

The Equal Rights Amendment

• A)was the last amendment added to the Constitution.
• B)failed to gain passage in both houses of Congress.
• C)failed to win approval by the requisite number of states.
• D)would allow for same-sex marriages.
• E)would prohibit flag burning.

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Definitions:

Temporary Difference

A discrepancy between the carrying amount of an asset or liability in the balance sheet and its tax base, creating taxable or deductible amounts in the future.

Straight-Line Depreciation

A technique for distributing the cost of an asset uniformly over its lifespan.

Capital Cost Allowance

Capital Cost Allowance is a tax deduction in some jurisdictions that represents depreciation for tax purposes, allowing businesses to deduct the cost of certain assets over a period.

Deferred Tax

A tax obligation or asset that results from temporary differences due to the different timing of recognition of income and expenses for tax and accounting purposes.