A Taxonomy Is a Dictionary That Defines the XBRL Tags

question 95

True/False

A taxonomy is a dictionary that defines the XBRL tags used for specific data items.

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Definitions:

Gambling Losses

Financial losses resulting from wagering, which can be deducted up to the amount of gambling winnings on a taxpayer’s return.

Adjusted Gross Income

Gross income minus adjustments to income. This figure is used to determine how much of your income is taxable.

Political Action Committee

A Political Action Committee (PAC) is an organization that collects political donations from members and donates those funds to campaign for or against candidates, legislation, or initiatives.

Charitable Contribution

A gift or donation made to a non-profit organization, which can often be used as a tax deduction by the donor.