Match Each Statement with the Correct Term Below

question 62

Multiple Choice

Match each statement with the correct term below.
-Points

• A)Prepaid interest.
• B)Either a qualifying child or a qualifying relative
• C)One test for a qualifying relative.
• D)The minimum amount a taxpayer can deduct for personal expenditures.
• E)A deduction in this category is always allowed. That is, there is no minimum allowable amount and generally no income limitation placed on these deductions.
• F)Generally, these deductions are for specifically allowed personal expenditures.
• G)An exception to this test is a custodial parent.
• H)Interest paid on debt used to buy securities.
• I)Interest paid on credit cards, personal loans, car loans, etc.
• J)Interest paid on a mortgage secured by the taxpayer's residence. The proceeds of the loan are used to pay off a credit card, the interest is not deductible.
• k.A tax designed to prevent the shifting of unearned income to children of the taxpayer.

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Definitions:

IACs

An abbreviation that could stand for Internet Access Controllers, though without specific context, its precise meaning can vary.

Labor Force

Persons 16 years of age and older who are not in institutions and who are employed or are unemployed and seeking work.

Agriculture

The practice of cultivating the soil, growing crops, and raising livestock for food, fiber, and other products.

Demographic Transition

The transition from high birth and death rates to low birth and death rates as a country develops from a pre-industrial to an industrialized economic system.