Examlex
Which of the following letters of credit can be modified without obtaining approval from either the exporter or the importer,by the bank issuing the letter of credit?
State Tax
A tax imposed by a state on earned income, business profits, property, sales, etc., that varies from state to state.
Itemized Deduction
Expenses listed separately that can be deducted from adjusted gross income to reduce taxable income, including medical expenses, taxes paid, interest, charitable contributions, and certain job-related expenses.
Constructive Receipt
This refers to the point at which an individual has access to, or control over, income, thus making it taxable, even if the income has not been physically received.
Compensation
Payment or salary received for services rendered or work done.
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