When Katie decides to take $25,000 in December (the normal payable date) and to defer the residual for 15 years when she plans to retire. "She does not violate the economic benefit rule with the decision."
<h3>What is Economic Benefit Rule?</h3>
It is a principle of taxation that affects taxpayers with cash basis who are paid for their services.
According to its provisions, a taxpayer is subject to taxation if they derive a "economic benefit" from an unqualified right to acquire property in the future.
Some examples of economic benefit rule are-
- net income and revenues,
- profit and net cash flow,
- a decrease in anything, such a cost,
- cheaper labour or raw material costs.
Thus, the benefit a person receives from paying less for a good than the utmost price they are willing to pay for it is known as the net economic benefit.
To know more about the principle of taxation, here
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<span>The laissez-faire leadership has the following characteristics:
The group members are self-directed.
The leader resolves conflicts and determines policies.
Decisions are made quickly.
A live-and-let-live approach is followed.
The leader does not resolve conflicts and determine policies because this type of leadership is delegative, meaning leaders leave the group members alone. They are self-directed, which means that decisions are made quickly because they do not need to pass approval. Also, members do not interfere with each other so the live-and-let-live approach is indeed followed.</span><span>
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Answer:
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Explanation:
An account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.