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In: Finance

Match the taxable income terms on the right with the descriptions of the terms on the...

Match the taxable income terms on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.)

Description Term
This term refers to passive income offset.   
This term refers to an asset sold for more than its original value.   
This term refers to gross income less adjustments, deductions, and exemptions.   
This term includes income from self-employment.   
This term includes income from tax shelters.

Term Options: Active income/ Capital gains/ Gross income/ Investment expenses/ Passive income/ Portfolio income/ Real estate or limited partnership expenses/ Sale of a home/ Tax liability/ Taxable Income.

Solutions

Expert Solution

Description Term
This term refers to passive income offset.   Passive income
This term refers to an asset sold for more than its original value.   Capital gains
This term refers to gross income less adjustments, deductions, and exemptions.   Taxable Income
This term includes income from self-employment.   Active income
This term includes income from tax shelters. Real estate or limited partnership expenses

jeff jeffy answered 2 years ago
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