Match Each Term with the Correct Statement Below

question 127

Multiple Choice

Match each term with the correct statement below.
-Increases in wealth and recoveries of capital that Congress has decided should not be subject to income tax.

• 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

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Definitions:

Litigation

The process of taking legal action or bringing a lawsuit in a court of law to resolve a dispute.

ADR Procedures

Alternative Dispute Resolution methods, which include mediation and arbitration, aimed at resolving disputes without litigation.

Settlement Week

An ADR technique in which the court clears its docket of all business except settlement hearings.

Arbitration Session

A meeting where a neutral third party hears disputes from involved parties and makes a decision to resolve the issue.