When Separate Income Tax Returns Are Filed by Married Taxpayers

question 69

True/False

When separate income tax returns are filed by married taxpayers, one spouse cannot claim the other spouse as an exemption.

---

Definitions:

Net Sales

The revenue from goods or services sold after deducting returns, allowances for damaged or missing goods, and discounts.

Total Assets

The sum of all current and non-current assets owned by a company, representing its total economic resources.

Gain On Disposal

A profit realized from the sale of a non-current asset, exceeding its carrying amount on the books.

Non-operating Section

A section of the income statement that reports revenue and expense resulting from secondary, non-core business activities.