Refer to the Following Figure to Answer

question 33

Multiple Choice

Refer to the following figure to answer
Figure 7.1: U.S. Unemployment Rate: 1975-2012 (Source: U.S. Bureau of Labor Statistics)
-Using Figure 7.1, which of the following year(s) are the trough of a recession?

• A) 2001
• B) 1983
• C) 1979
• D) 2012
• E) All of these answers are correct.

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Definitions:

Foreign Income Taxes

Taxes imposed by a foreign government on income earned within its jurisdiction by non-resident individuals or entities.

U.S. Tax Liability

The total amount of tax owed to the United States government by an individual or entity for a given tax year.

Total Income

The sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.

Adoption Credit

A tax credit offered to offset the expenses incurred in the process of legally adopting a child.