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:

Acceptance

The expression of assent to the terms of an offer in such a manner that it forms a legally binding contract.

Unilateral Contract

A unilateral contract is a legally binding agreement where one party promises to do something in return for an act of the other party, who is not legally obligated to act.

Consideration

in contract law, refers to something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Merchant

An individual or company engaged in the business of buying and selling goods or services with the intent of making a profit.