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)
Answer:
Land use has a major impact on the water quality of both surface and ground water. Land use refers to the human use of the land. ... Certain kinds of land use can change the hydrology of the Watershed, altering the way water and pollutants move through the drainage basin.
Explanation:
Answer: Angela loses because she had entered into a 'personal satisfaction contract' with Franklin which clearly mentioned the clause which said that Angela would be paid only if the painting is acceptable in Franklin's sole judgment.
Explanation: A personal satisfaction contract legalizes the right of the receiving party of not paying the giving party on the grounds of dissatisfaction over the work or service dispensed by the latter. In the given case, Angela had agreed to the clause which mentioned that she would only be paid if her work satisfies Franklin's expectation from her work. On the grounds of dissatisfaction, Franklin rejects to pay her and she also loses the lawsuit filed against Franklin.
Answer:
former elected officials
Explanation:
Interest groups often employ former elected officials as lobbyist in order to gain access to those in Texas government. They do this because these officials often have exclusive access to policy makers, and also because they have the power to influence these policy makers also.
