Examlex
Leonardo claims to have graduated at the top of his class from a very prestigious state university. Before the admissions officer approves his application for law school, she requests to see his transcript. In this case, the admissions officer is demonstrating:
Deduction
An expense that can be subtracted from an individual's taxable income, reducing the amount of income subject to tax.
Nonprescription Drugs
Medications that can be bought without a doctor's prescription, also known as over-the-counter drugs.
Aspirin
A medication used to reduce pain, fever, inflammation, and is also used in low doses to prevent blood clots.
Deductible
Eligible expenses that can be subtracted from gross income to reduce taxable income.
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