Problem: 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.