To Mitigate the Effect of the Annual Accounting Period Concept

question 95

True/False

To mitigate the effect of the annual accounting period concept, the tax law permits the carryforward to other years of the excess charitable contributions of a particular year.

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Definitions:

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or gender.

U.S. Population

The total number of people living in the United States, including all citizens, residents, and immigrants.

Poverty

A situation in which people or groups do not have enough money and basic necessities to meet the bare minimum living standards.

Gini Ratio

An indicator of the level of income distribution unevenness in a society, ranging from 0, which implies equal income for all, to 1, indicating one person possesses all the wealth.