The Standard Deduction May Not Be Claimed by One Married

question 28

True/False

The standard deduction may not be claimed by one married taxpayer filing a separate return if the other spouse itemizes deductions.

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Definitions:

Contracts

Legal agreements between two or more parties that are binding in law.

Foreign Corrupt Practices Act

A United States law that prohibits U.S. companies and their employees from bribing foreign officials to retain or obtain business.

Foreign Companies

Companies that are incorporated in one country but operate, have offices, or conduct significant business activities in other countries.

Securities

Financial instruments that represent an ownership position in a publicly-traded corporation (stock), a creditor relationship with a governmental body or a corporation (bond), or rights to ownership as represented by an option.