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The assignment should be 1-2 pages, with reference support where appropriate addressing the following questions, Please make sure to use headings to separate on each question parts of the assignment:

1. What are the objectives of federal income tax law?

2. What is the alternative minimum tax?

3. What is a capital asset?

4. What is the formula for determining a client’s income tax liability?

5. What are some of the types of government rulings issued as guidance to taxpayers?

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Objectives of Federal Income Tax Law and Capital Asset Questions

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