Match Each Statement with the Correct Term Below

question 17

Multiple Choice

Match each statement with the correct term below.
-Installment sale

• A)The category of income that includes interest, dividends, and rents.
• B)Income from wages, salaries, and trade or businesses.
• C)Interest income resulting from making an interest-free gift loan of $200,000.
• D)A taxable amount received from a state plan to provide a substitute for an employee's earned income.
• E)A series of equal payments received over equal time periods.
• F)A receipt of cash from a former spouse that is included in gross income.
• G)A payment received from a former spouse that is not included in gross income.
• H)A division of marital assets that does not result in any income recognition.
• I)A sale of property in which at least one payment is received in a tax year after the year of sale
• J)A method of accounting that must be used to recognize income from long-term construction contracts.
• K)A debt instrument that has the interest paid at maturity rather than throughout the life of the debt.

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Definitions:

Maximum Fine

The highest monetary penalty that can be imposed for a particular legal violation or infraction.

Slanderous Act

The verbal communication of false statements about a person that damage their reputation.

Inferior Quality

A term used to describe goods or services that do not meet expected standards or specifications.