Task: Provide very general explanation (to readers who have never heard of these terms) about the following topics:
Question 1. Discuss the concept of DEPENDENCY EXEMPTION as it applies to the income tax of individuals
Question 2. Discuss the concept of CONSTRUCTIVE RECEIPT as it applies to the income tax of individuals
Question 3. For individual tax purposes, what is the distinction between deduction FOR adjusted gross income and deduction FROM adjusted gross income important?
Question 4. Discuss the distinction between TREASURY REGULATIONS and REVENUE RULINGS and the role each plays
Question 5. Discuss what is covered by the term TAX LAW and the relative importance of its components.