Examlex
Which of the following events would have the best chance of excusing performance of a contract based on commercial impracticability?
Deductible
An expense that can be subtracted from gross income to reduce the amount of income subject to tax, often related to business expenses, healthcare costs, and certain individual deductions.
Itemized Deduction
Deductions from income that taxpayers can claim for specific expenses, as opposed to taking a standard deduction.
Home Equity Indebtedness
Debt secured by a qualified residence that exceeds the acquisition indebtedness, with interest on such debt often being deductible under U.S. tax law.
Acquisition Indebtedness
Debt incurred in acquiring, constructing, or substantially improving a qualified residence of the taxpayer, and secured by the residence.
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