Foreclosure on Property Pledged Behind a Bank Loan Does Not

question 63

True/False

Foreclosure on property pledged behind a bank loan does not subject a bank to be held liable to clean up any environmental damage the borrower may have caused.

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Definitions:

Average Tax Rate

The proportion of total income that is paid as taxes, calculated by dividing the total taxes paid by the total taxable income.

Federal Personal Income Tax

A tax levied by the federal government on the income of individuals, adjusted for various deductions and exemptions.

Personal Income Tax

A tax levied on individuals or households based on the level of their income.

Taxable Income

The amount of income used to calculate how much tax an individual or a company owes to the government, after deductions and exemptions.