Describe How Proprietary Colonies Were Designed to Operate,provide Details About

question 42

Essay

Describe how proprietary colonies were designed to operate,provide details about two or three of them,and explain why they usually did not remain proprietary colonies.

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Definitions:

GAAP

Stands for Generally Accepted Accounting Principles, which are a collection of commonly-followed accounting rules and standards for financial reporting.

Abusive Tax Shelter

Investment schemes that are designed primarily to evade taxes, often by exploiting legal loopholes.

Federal Tax Law

Legislation that governs the collection and regulation of taxes at the national level in the United States, including income, corporate, and sales taxes.

Gross Income

The total income earned by an individual or business before any deductions or taxes are taken out.