All of the Following Are the Consequences of an Aging

question 36

Multiple Choice

All of the following are the consequences of an aging population except:

• A) an aging population will increase the burden on the younger population in health care costs and income support.
• B) older people will no longer pay taxes.
• C) there will be fewer workers to pay social security taxes.
• D) there will be demands for health care and housing that cater to older adults' special needs.

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Definitions:

Involuntary Conversion

An event where property or assets are destroyed, stolen, confiscated, or condemned, forcing the owner to replace them or receive compensation, often with tax implications.

Adjusted Basis

is the original cost of a property adjusted for factors such as depreciation or improvements, used to calculate capital gains or losses.

Non-recognition of Gain

A tax principle that allows taxpayers to defer recognition of capital gains taxes if the gains are reinvested in similar property or under certain qualifying exchanges.

Involuntary Conversion

Involuntary Conversion is the process where property or an asset is destroyed, stolen, confiscated, or condemned, and the owner receives compensation, such as insurance proceeds or condemnation awards.