1. What is the federal income tax base? 2. What is an exclusion? 3. How is a deferral different from

1. What is the federal income tax base?

2. What is an exclusion?

3. How is a deferral different from an exclusion?

4. How is gross income different from income?

5. What are the three basic tests that an expense must
satisfy to be deductible?

6. What is the difference between an expense and a loss?

7. How is a transaction loss different from an annual loss?