Using the Following Choices, Show the Justification for Each Provision

question 166

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.
-Income tax amnesty

• 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

---

Definitions:

Operating Assets

Assets used by a company in its day-to-day operations to generate revenue, including cash, inventory, and equipment.

Turnover

In business, the total volume of sales or revenue made within a specified period. It can also refer to the rate at which employees leave a workforce and are replaced.

Operating Assets

Resources owned by a business that are used in its day-to-day operations to generate revenues, including both physical and intangible assets.

Return On Investment (ROI)

A measure of the profitability of an investment, calculated as the net profit from the investment divided by the cost of the investment.