Which, If Any, of the Following Statements Relating to the Standard

question 73

Multiple Choice

Which, if any, of the following statements relating to the standard deduction is correct?

• A) If a taxpayer dies during the year, his (or her) standard deduction must be prorated.
• B) If a taxpayer is claimed as a dependent of another, his (or her) additional standard deduction is allowed in full (i.e., no adjustment is necessary).
• C) If spouses file separate returns, both spouses must claim the standard deduction (rather than itemize their deductions from AGI).
• D) If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed.
• E) None of these.

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Definitions:

T-Accounts

A visual representation of accounts used in double-entry bookkeeping to record debits on the left side and credits on the right.

Manufacturing Overhead Applied

The allocation of manufacturing overhead costs to the units produced, based on a predetermined rate.

Manufacturing Overhead

Every cost linked to production that isn't categorized as direct material or direct labor expenses.

Direct Labor-Hours

A measurement of the time spent by workers who are directly involved in the manufacturing process.