A Taxpayer Who Either Is 65 or Older or Blind

question 36

True/False

A taxpayer who either is 65 or older or blind can claim an additional standard deduction.

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Definitions:

Partnership Assets

Resources owned by a partnership that are used in the operation of the business and are subject to division among partners according to the partnership agreement.

Income Sharing

A financial arrangement where earnings are distributed among individuals or groups based on a predetermined formula or agreement.

Unlimited Liability

Unlimited liability refers to the full responsibility of business owners to cover all debts and legal actions against the business, potentially using personal assets.

Liquidation

The process of converting assets into cash or cash equivalents by selling them, often used to pay off debts or in closing down a business.