One of the Best Tax Shelters Is Owning a Car

question 19

True/False

One of the best tax shelters is owning a car.

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Definitions:

Right of Redemption

The legal right that allows a debtor to reclaim property or goods that were previously sold or foreclosed upon, typically by paying off a debt within a specific time frame.

Mortgage Lien

A legal claim or right a lender has on a property as collateral for a debt owed by the property owner, which allows the lender to foreclose if the loan is not repaid.

Doctrine

A belief, principle, or body of principles taught or advocated, as by a religious, philosophical, or political group.

Escrow

A legal arrangement in which a third party temporarily holds money, property, or documents until certain conditions are fulfilled.