Kelly Called Those Roles That Give Us a Sense of Identity

question 6

Multiple Choice

Kelly called those roles that give us a sense of identity and provide guidelines for living ______ roles.

• A)core
• B)peripheral
• C)central
• D)personal
• E)cardinal

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Definitions:

Deduct

To subtract or take away from the gross amount; in taxation, to lower taxable income by subtracting allowable deductions.

At-risk Amount

The investment in money or other property at risk in an activity, determining the deductible loss limit.

Passive Loss Rules

Tax provisions limiting the amount of loss investors can claim from passive activities, such as rental properties, to offset other income.

Income

Funds acquired regularly from labor or investment returns.