Lila and Ted Are Married and Have AGI of $337,000

question 4

Multiple Choice

Lila and Ted are married and have AGI of $337,000 in 2015.They had their first children this year,twins.Lila and Ted will be allowed a deduction for personal and dependency exemptions of

• A)$8,000.
• B)$16,000.
• C)$12,480.
• D)$6,240.

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Definitions:

Land

An asset category in accounting representing real estate or property owned by a business, excluding buildings or structures on the property.

Investing Activities

Financial transactions related to the purchase or sale of long-term assets and investments, as reported in a company's cash flow statement.

Operating Activities

Business actions directly related to the production and delivery of goods and services, generating the primary revenue streams.

Equipment

In business, equipment refers to the tangible assets used in operations, such as machinery, computers, and tools, which are not intended for sale.