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The scientific approach assumes that
Capital Asset
A long-term asset such as equipment, real estate, or securities, which is not easily sold in the regular course of a business's operations for cash.
Taxpayer's Home
The primary place of abode of a taxpayer that determines tax liabilities and benefits.
Loss Carryforward
A tax provision that allows taxpayers to use a current year's losses to reduce taxable income in future years.
Taxable Income
The portion of income that is subject to taxation after all deductions, exemptions, and adjustments.
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