Question

For federal income tax purposes, ____________ is equal to the tax base. gross income adjusted gross income taxable income. both adjusted gross income and taxable incom

Answer 1

For the purpose of the federal income tax purpose, the taxable income is equal to the tax base.

What is a tax?

A tax simply means a compulsory financial levy that is imposed on a taxpayer by a governmental organization to fund government expenditures.

For federal income tax purposes, the taxable income is equal to the tax base. The tax base simply means a total amount of assets that can be taxed by the government. The tax base is used for the calculation of tax liabilities.

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