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Market Value
Market value is the price at which an asset would trade in a competitive auction setting, reflecting its worth in the current market.
Gross Income
The total income earned before any deductions or taxes are applied.
Standard Deduction
The fixed amount the IRS allows taxpayers to subtract from their taxable income if they do not itemize deductions, differing by filing status.
Exemption
A provision that reduces or eliminates a taxpayer's obligation to pay tax, typically based on certain conditions or qualifications.
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