In terms of the tax formula applicable to individual taxpayers, which, if any, of the following statements, is correct? In arriving at AGI, a taxpayer must elect between claiming deductions for AGI and deductions from AGI. In arriving at taxable income, a taxpayer must elect between claiming deductions for AGI and deductions from AGI. If a taxpayer has deductions for AGI, the standard deduction is not available. In arriving at taxable income, a taxpayer must elect between deductions for AGI and the standard deduction. None of these.

Question
  1. In terms of the tax formula applicable to individual taxpayers, which, if any, of the following statements, is correct?
  2. In arriving at AGI, a taxpayer must elect between claiming deductions for AGI and deductions from AGI.
  3. In arriving at taxable income, a taxpayer must elect between claiming deductions for AGI and deductions from AGI.
  4. If a taxpayer has deductions for AGI, the standard deduction is not available.
  5. In arriving at taxable income, a taxpayer must elect between deductions for AGI and the standard deduction.
  6. None of these.

 

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