Instructions: Identify the Following

question 19

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Philadelphia Convention

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Definitions:

Temporary Storage Costs

Expenses incurred for storing personal property for a short period, possibly deductible under certain tax situations.

Modified AGI

An adjustment to adjusted gross income, including or excluding certain items, used to calculate eligibility for specific tax benefits.

Education Loan Interest

The interest paid on a loan taken out to pay for educational expenses, which may be deductible on your taxes under certain conditions.

Alimony

Payments one spouse makes to another under a separation or divorce agreement, which may have tax implications.