Taxpayers Are Allowed to Take the Larger of Their Itemized

question 25

True/False

Taxpayers are allowed to take the larger of their itemized deductions or the standard deduction.

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Definitions:

Nonrival Consumption

A characteristic of certain goods where one person's use does not diminish the availability or quality of the good for others.

Rival Consumption

A situation where one person's consumption of a good reduces the ability of another person to consume the same good.

Nonexcludable

A characteristic of a good or service indicating that it is not possible to prevent non-paying customers from accessing it.

Excludable

A property of a good whereby it is possible to prevent individuals from enjoying the good unless they pay for it.