Why Would a Country Such as Great Britain Not Have

question 54

Multiple Choice

Why would a country such as Great Britain not have a formal written constitution?

• A)The political culture of Great Britain favors unlimited government over constitutional restraints.
• B)Great Britain's unique history established customs and legal practices that made a written constitution unnecessary.
• C)The homogenous population of Great Britain allows the people to agree on a basic set of rules without writing a constitution.
• D)Great Britain's history of ruling overseas territories made a written constitution too complicated to apply to every region.

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Definitions:

Separately Stated Item

Items on a partnership's or S corporation's income tax return that are listed separately to ensure proper treatment at the individual level.

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Capital Gain

The profit from the sale of a capital asset, such as stock, bond, or real estate, when the sale price exceeds the purchase price.

Substantially Appreciated Inventory

Inventory items whose market value exceeds their basis significantly, affecting tax considerations during their sale or donation.