Using the Following Choices, Show the Justification for Each Provision

question 74

Multiple Choice

Using the following choices, show the justification for each provision of the tax law listed.
a. Economic considerations
b. Social considerations
c. Equity considerations
d. Both a. and b.
-Contributions to charitable organizations are deductible.

• A)Deferral of gains from involuntary conversions
• B)Carryforward of net operating losses
• C)"No change" is a possible result
• D)State income tax applied to a visiting nonresident
• E)IRS special agent
• F)Undoing the "piggyback" result
• G)Ideal budget goal as to new tax legislation
• H)Every state that has a general sales tax has one
• I)Imposed by all states and the Federal government
• J)Imposed by some states but not the Federal government
• K)Imposed only by the Federal government
• L)No correct match provided

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Definitions:

Dishonored

A term used to describe a financial instrument, such as a check or promissory note, that has been refused acceptance or payment.

Personal Defense

A liability defense that is not applicable to holders in due course.

Modification

A change or alteration, often to a contract or agreement, altering its terms or conditions.

Dishonored

Referring to a financial instrument, such as a check or promissory note, that is not accepted or paid when presented for payment.