Full question:
Indicate whether the following statements are "True" or "False" regarding the concept of gross income.
a. While the Constitution grants Congress the power to tax income, it does not define the term.
b. The Supreme Court has held that there is no income subject to tax until the taxpayer has recovered the capital invested.
c. Economists measure income (economic income) by first determining the fair market value of the individual's net assets (assets minus liabilities) at the beginning and end of the year (change in net worth).
d. Accounting and tax rules regarding income are the same.
e. The accounting concept of income is founded on the realization principle.
f. Gross income is not limited to cash received.
Answers:
a. True
b. True
c. True
d. False
e. True
f. True
Explanation:
1.The constitution of the United States allows for power to tax income however it doesn't define tax.
2.income is not subject to tax until there is profit from capital invested as ruled by the Supreme Court of the United States
3. Measurement of income in Economics involves applying the concept of fair value to measure income at the beginning and end if the year and notice any changes that may have occurred
4. Accounting and tax rules regarding income are not the same. Accounting however complies with tax rules for accounting purposes.
5.the realization principle involves income earned or losses incurred(not necessarily received in cash or given out)
6.Gross income encompasses all(recognizable) earned income for the period(cash or not)
While the constitution is the law of the land it still lacked some things. The founding fathers knew that future government may take advantage of it, so they added the bill of rights and allowed for more amendments. The bill of rights which are the first ten amendments state that people have a freedom of speech and religion, the right to bare arms,the right to a fair trial ect. Other amendments provide for things like women suffrage.
Answer:
A city mayor's office would have a ".gov" domain
Explanation:
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what this is an incomplete question
Explanation:
Answer:
I find happiness when I'm with my friends
Explanation:
At my house, it's kinda boring, so when I get to go see my friends it's fun, and they are great ppl to be around!!
