Effective
for the current fiscal year June 30, 2001
Most
significant expected changes are with grants/entitlements
(non-exchange)
Closing package revisions
In a nonexchange
transaction, a government either gives or receives value without directly
receiving equal value in exchange.
To illustrate
what I mean by directly, lets look at a simple example.In a classic exchange transaction, such as
buying groceries, I give the grocery store cash and they give me groceries.
However, when I
give the government my income taxes, exactly what do I get in return?