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In 2009,President Obama Proposed Limiting the Value of Deductions for High-Earners

question 13

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In 2009,President Obama proposed limiting the value of deductions for high-earners.


Definitions:

Operation of Law

Changes in legal rights or status that occur automatically due to established legal rules, without the need for action by the parties involved.

Limited Liability

A legal structure for businesses where owners' personal financial liability is restricted to the amount they have invested in the company.

Certificate of Limited Partnership

A legal document filed with a state government to establish the existence of a limited partnership.

General Partners

Individuals in a partnership who have joint authority and responsibility for the management of the business, including its debts and liabilities.

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