The Tax Reform Act of 1986 Did All of the Following,except

question 33

Multiple Choice

The Tax Reform Act of 1986 did all of the following,except

• A)increase taxes on wealthy corporations.
• B)increase the standard deduction.
• C)raise the amount of the personal exemption.
• D)simplify tax filing for low income families.

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Definitions:

Normal Balance

The side (debit or credit) where increases are recorded for a particular type of account, reflecting the account's normal balance position in the accounting equation.

Financial Statement

Papers that present a summary of a company's financial status, covering the balance sheet, income statement, and statement of cash flows.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, which is used to increase the account.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance, based on the accounting equation.