Why is it important to consider the missing information when evaluating a particular case?
What will be an ideal response?
No case occurs in a vacuum. When a case makes it into the court system for argument, there are people doing the arguing. Although those making the arguments are going to have to rely on a certain set of facts to make their argument, people run into the limits of their own experience and perceptions. In many instances, people will often see what they want to see, and will consequently select certain facts as relevant to a particular case. Because people are only likely to include a certain set of facts based on their experience, there are likely to be other facts out there that are relevant to a particular case. Therefore, it is important to consider relevant missing information.
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Basic Partnership, a cash-basis, calendar-year entity, began business on February 1, 2016. Basic incurred and paid the following in 2016: Filing fees incident to the creation of the partnership-$ 3,600 Accounting fees to prepare the representations in offering materials-12,000 Basic elected to amortize costs. What is the maximum amount that Basic may deduct on the 2016 partnership return?
a) $3,300 b) $3,600 c) $5,000 d) $0
What sets the floor for product prices?
A) consumer perceptions of the product's value B) product costs C) competitors' strategies D) advertising budgets E) market competition