Using the Following Choices, Show the Justification for Each Provision

question 104

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 deduction for certain expenses (interest and taxes) incident to home ownership.

• 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:

Specific Performance

A legal remedy requiring a party to perform their part of the contract rather than provide monetary compensation for failing to meet their obligations.

Resell

The act of selling something that one has previously purchased, either as a business practice or to transfer ownership.

In Transit

The status of goods or people being transported from one place to another; during the journey.

Carrier

A company or individual responsible for the transportation of goods or people.