The Regular Standard Deduction Is Available to Which One of the Following

question 1152

Multiple Choice

The regular standard deduction is available to which one of the following taxpayers?

• A) a nonresident alien
• B) a married taxpayer filing a separate return where the other spouse itemizes
• C) a person who has only unearned income and is a dependent of another
• D) None of the above.

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Definitions:

Corporations

Legal entities that are separate and distinct from their owners, capable of owning assets, incurring liabilities, and engaging in business activities.

Partnerships

A legal form of business operation between two or more individuals who share management and profits.

Depression

A severe and prolonged downturn in economic activity, marked by significant declines in income, employment, and production, often more severe than a recession.

Gross Investment

The total amount spent on purchasing or constructing new capital goods over a specific time period, without accounting for depreciation.