Using the Following Choices, Show the Justification for Each Provision

question 151

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.
-Export taxes

• 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:

Revising Budgets

The process of reviewing and adjusting planned budgets based on actual performance and changing circumstances.

Rolling Budget

A continuously updated budget that adds a new budget period (e.g., month, quarter) as the current period concludes, thereby extending the overall budget horizon.

Merchandising Companies

Businesses that purchase goods and resell them at a higher price without modifying the original products.

Managers

Individuals responsible for administering and controlling part or all of a company's operations.