All of the Following Items Are Deductions for Adjusted Gross

question 115

Multiple Choice

All of the following items are deductions for adjusted gross income except

• A)alimony paid.
• B)trade or business expenses.
• C)rent and royalty expenses.
• D)state and local income taxes.

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Definitions:

Easements

Legal rights granted to use the property of another for a specific purpose, such as right of way or utility lines.

Licenses

Permissions granted by an authority to engage in a particular activity or to use certain property.

Tenants In Common

A form of co-ownership where each party owns a separate and undivided interest in the property, and upon death, their interest passes to their heirs or estate.

Operation Of Law

A legal change that occurs automatically due to existing laws, without the need for an action by a court or party.