Which of the Common Deductions Below Are Allowed for Both

question 50

Multiple Choice

Which of the common deductions below are allowed for both regular tax purposes and for AMT purposes in 2019?

• A)The standard deduction
• B)Personal and dependency exemptions
• C)State income taxes, property taxes, and all other taxes deducted on Schedule A
• D)Mortgage interest from the acquisition of a residence with a loan balance less than $750,000
• E)Miscellaneous itemized deductions taken on Schedule A

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Definitions:

Gratuitous Agent

An agent who acts on behalf of another without any compensation for their services.

Duty Of Loyalty

An obligation of fiduciaries to act in the best interest of the beneficiaries or the entities they serve, avoiding conflicts of interest.

Sales Agent

An individual or entity authorized to sell and market products or services on behalf of another party, known as the principal.

Personal Bank Account

An account maintained by an individual at a bank or other financial institution for the purpose of managing personal funds.