Using the Following Choices, Show the Justification for Each Provision

question 154

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.
-Wherewithal to pay concept

• 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:

Common Law Rights

Rights or protections that are established and respected by court decisions rather than written statutes.

Environmental Protection Legislation

Laws and regulations designed to conserve the environment and reduce pollution and destruction of natural habitats.

Obligation on Innkeepers

Refers to the legal requirement for innkeepers to provide reasonable care for their guests' safety and their belongings.

Statute

A written law passed by a legislative body at the federal, state, or local level.