Match Each Term with the Correct Statement Below

Match each term with the correct statement below.
-Increases in wealth and recoveries of capital that Congress has decided should not be subject to income tax.

A) Ad valorem tax
B) Deduction
C) Excise tax
D) Exclusion
E) Expense
F) Gain
G) Loss
H) Ordinary income
I) Pay-as-you-go concept
J) Personal property
K) Real property
L) Self-assessment
M) Standard deduction
N) Statute of limitations
O) Tax base
P) Tax credit

Correct Answer:

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