A Benefit Is a Descriptive Fact About a Product or Service

question 64

True/False

A benefit is a descriptive fact about a product or service (e.g. ,"an ergonomically designed,more comfortable handle").

Recognize the conditions under which goodwill can be recorded.

Calculate and understand the concept of depletion and its application to natural resources.

Comprehend the treatment of costs associated with defending intangible assets.

Understand historical patterns and consequences of urbanization and suburbanization in the U.S.

---

Definitions:

Casualty Loss Deduction

A tax deduction that allows taxpayers to deduct losses caused by sudden, unexpected or unusual events such as natural disasters, fires, or thefts.

Fair Market Value

The price at which an asset would sell under normal market conditions between a willing buyer and seller, both having reasonable knowledge of the facts.

Adjusted Gross Income

An individual's total gross income minus specific deductions, used to determine taxable income.

Itemized Deductions

Specific expenses listed on a taxpayer's return that can reduce taxable income, such as mortgage interest and medical expenses.