USA HISTORY

MAKING OF A NEW NATION 1776 1800

THE ARTICLES OF CONFEDERATION

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What does the word levy mean?
A
abuse of power
B
make a law
C
collect
D
force
Explanation: 

Detailed explanation-1: -transitive verb. : to impose or collect (as a tax or fine) with authority.

Detailed explanation-2: -The noun levy refers to a charge, such as a tax, fine, or other fee, that is imposed on something. The verb levy is used to describe the act of imposing or collecting the charge. If you need to raise money, for example, you may decide to levy a fine on your family every time you have to make the coffee in the morning.

Detailed explanation-3: -A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.

Detailed explanation-4: -For example: A taxpayer owes the IRS $50, 000, and the IRS sends a levy notice to the taxpayer’s bank on Monday. If the taxpayer’s account has $10, 000 in it on Monday, when the levy notice is received, that is all the IRS will get, even if on Tuesday $1, 000, 000 is deposited.

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