Match Each Term with the Correct Statement Below

question 33

Multiple Choice

Match each term with the correct statement below.
-The excess of the selling price of an asset over its tax basis.

• A)Ad valorem tax
• B)Deduction
• C)Excise tax
• D)Exclusion
• E)Expense
• F)Gain
• G)Loss
• H)Ordinary income
• I)Pay-as-you-go concept
• J)Personal property
• K)Real property
• L)Self-assessment
• M)Standard deduction
• N)Statute of limitations
• O)Tax base
• P)Tax credit