Items Subtracted from Tax Liability Are Called _____

question 7

Multiple Choice

Items subtracted from tax liability are called _____.

• A)tax credits
• B)tax deductions
• C)tax exemptions
• D)tax exclusions

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Definitions:

Gross Negligence

A severe lack of care or attention to duty that represents a reckless disregard for the safety or lives of others, often leading to serious harm or damage.

Slight Negligence

The failure to use that degree of care that persons of extraordinary prudence and foresight are accustomed to use.

Reasonable Care

A legal standard that requires individuals or entities to act with the caution and diligence that a prudent person would under similar circumstances.

Bailment

The transfer of possession of personal property from one person to another with the understanding that the property will be returned.