Examlex
Does the contribution of services to a partnership in exchange for an unrestricted partnership interest qualify for Sec. 721 nontaxable treatment?
Itemized Deductions
Expenses allowed by the IRS that can be deducted from adjusted gross income to reduce taxable income, including charitable donations, medical expenses, and mortgage interest.
Standard Deduction
The portion of income not subject to tax, set by the IRS, that can be used to reduce your taxable income if you choose not to itemize deductions.
Standard Deduction
A fixed amount deducted from income before income tax is calculated, available to all taxpayers who do not itemize their deductions.
Married Couple
Two individuals who are legally married to each other and may file taxes jointly or separately.
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