A Condition ______ Is a Particular Event That Must Occur

question 60

Multiple Choice

A condition ______ is a particular event that must occur in order for a party's duty to arise.

• A) Precedent
• B) Subsequent
• C) Concurrent
• D) At large
• E) Certain

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Definitions:

AMT Depreciation Adjustment

Adjustments made for alternative minimum tax purposes, recalculating depreciation based on specific AMT rules.

7-year Property

Assets, such as machinery and equipment, used in a business, deemed to have a depreciable life of 7 years for tax purposes.

Bonus Depreciation

An additional amount of depreciation that can be claimed in the first year of ownership of business assets, accelerating tax benefits.

AMT Purposes

Pertains to the Alternative Minimum Tax, a parallel tax system designed to ensure that individuals and corporations with substantial exemptions or deductions pay at least a minimum amount of tax.