1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Bess [88]
2 years ago
5

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.
Social Studies
1 answer:
77julia77 [94]2 years ago
4 0

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)

You might be interested in
1 pen cos = 10 2 pens =
Tems11 [23]
2 multiplied by 10
OR
10 plus 10

Which give us the answer as 20

Therefore 2 pens cost Dhs20

Hope it helps :)
4 0
2 years ago
Read 2 more answers
PLZ HELP ASAP!!!!
faust18 [17]
The answer to E would be C by the definition of a democracy, wherin the people vote. Hope this helps.
7 0
3 years ago
Read 2 more answers
Indus Valley people left no written records. Royal palace & temples may have been built in a fortress. How did Indus Valley
Vikki [24]
They made a living by farming.
5 0
2 years ago
How did John Brown’s raid impact the national issue of slavery
julia-pushkina [17]
John Brown's raid impacted the national issue of slavery by helping towards the civil war.  He and his sons fought against slavery by killing the pro-slavery farmers with a broadsword.  This fight was known as "Bleeding Kansas". It ended up erupting into a low-scale civil war, which no doubt, advanced the cause of the full-blown Civil War between the North and the South. Pro-Slavery settlers and anti-slavery settlers both settled in Kansas at the same time. So it was inevitable that the two sides would clash. 
8 0
3 years ago
Read 2 more answers
All of the following were contributing factors to the fall of the Persian Empire except_____. a. constant plots to take over the
svetoff [14.1K]

Answer:

You can go with option D civil war

4 0
2 years ago
Read 2 more answers
Other questions:
  • Was there a year when the wolves outnumbered the deer?
    9·1 answer
  • John Newton was a(n)<br> a. Anglican.<br> b. Methodist.<br> c. Arminian.
    11·1 answer
  • 3. Which was one reason for the expansion of machine politics in the late 19th<br> century?
    15·1 answer
  • Which is a detailed description of a person's life and psychological problems?
    15·1 answer
  • Recognizing concussions/traumatic brain injuries, family impact and operational environment conditions are some of the many inhe
    6·1 answer
  • ________ skills refer to our ability to move our bodies and manipulate objects.
    15·1 answer
  • What are the issues called, which are often decided by the courts, such as abortion, capital punishment, or LGBT rights
    15·2 answers
  • What happened to sarah after arriving in virginia city montana​
    11·1 answer
  • Solution for over coming electoral malpractice in Nigeria​
    10·1 answer
  • How was the Port of Galveston affected by the Civil War?
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!