Examlex
____________ questions tend to focus on the big picture.
Deduct
Deduct refers to the act of subtracting an amount from a total, often used in financial contexts such as subtracting expenses or costs from income to calculate taxable income.
AGI
AGI, short for Adjusted Gross Income, is an individual's total gross income minus specific deductions, used to determine how much of one's income is taxable.
Rental Activity
Engaging in the act of renting out property or equipment as a business operation to generate income.
AMT Adjustments
Modifications made to calculate the Alternative Minimum Tax (AMT), aiming to ensure that high-income earners pay a minimum amount of income tax.
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