Distinguish between general government regulation and specific government regulation
What will be an ideal response?
General government regulation consists of laws that regulate businesses and industries collectively. Most of the industries and businesses in the United States are subject to these laws. These laws do not regulate a specific industry but apply to all industries and businesses except those that are specifically exempt from certain regulations. On the contrary, specific government regulation consists of laws that regulate specific industries. That is, an industry is subject to administrative laws that are specifically adopted to regulate that industry. Administrative agencies, which are industry specific, are created to administer those specific laws.
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Samantha is employed as a sales engineer in a large medical products firm. The _______ of her job include commission on the sales she generates, quarterly performance bonuses, and stock options.
Fill in the blank(s) with the appropriate word(s).
All of the following statements about the tax treatment of life insurance are true EXCEPT:
(a) While a cash value policy is in force, the cash value accumulates tax-free. (b) Policyowners are required to pay taxes on policyowner dividends. (c) Lump-sum death benefits are received tax-free. (d) If life insurance proceeds are paid through an annuity, the portion of the annuity payment that represents interest is taxable income.