When a Non-Current Asset Is Revalued the Tax Base Is

question 19

True/False

When a non-current asset is revalued the tax base is not affected as depreciation for tax purposes will continue to be based on original cost.

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Definitions:

Revenue License

A revenue license is an official permission or document that allows an individual or business to conduct certain activities, typically involving the sale of goods or services, where the license serves as a source of revenue for the issuing authority.

Usury Statute

Laws regulating the maximum interest rate that can be charged on loans, to protect borrowers from excessively high rates.

Engaging

Captivating or holding someone's interest or attention.

Unenforceable

A term that describes a contract or clause that cannot be legally enforced or compelled in court.