If a Tax Is Efficient,it Will Necessarily Be Equitable

question 11

True/False

If a tax is efficient,it will necessarily be equitable.

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Definitions:

Net Income

Net income is the ultimate profit a company achieves after subtracting all taxes, expenses, and costs from its total income.

Commercial Substance

A situation where the future cash flows of a business are expected to change significantly as a result of a transaction.

Plant Assets

Long-term tangible assets used in the operation of a business that are not intended for sale.

Recognized Immediately

The principle of recording revenues or expenses in the accounting period when they occur, regardless of when cash is received or paid.