As a Matter of Administrative Convenience, the IRS Would Prefer

question 138

True/False

As a matter of administrative convenience, the IRS would prefer to have Congress decrease (rather than increase) the amount of the standard deduction allowed to individual taxpayers.

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Definitions:

Ordinary Course

Activities or transactions that are regular, customary, and in keeping with the normal operations of a business or individual’s day-to-day life.

Durable Goods

Consumer goods that have a long life span (over three years) and are used over time, such as cars or appliances.

Farm Products

Goods that are derived from agriculture, including crops and livestock.

Financing Statement

A document filed to give public notice that a lender has a security interest in the collateral offered by a borrower.