Using the Following Choices, Show the Justification for Each Provision

question 148

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.
-A small business corporation can elect to avoid the corporate income tax.

• 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:

Theodore Roosevelt

The 26th President of the United States, known for his vibrant personality, leadership of the Progressive Movement, and policies of conservation.

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A political candidate representing a party other than the two dominant ones in a bipartisan system, often with lesser chances of winning.

1912

A year in the early 20th century notable for several significant historical events, including the sinking of the Titanic.

Sixteenth Amendment

An amendment to the U.S. Constitution, ratified in 1913, granting Congress the power to levy an income tax.