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Mr and Mrs

question 107

Multiple Choice

Mr. and Mrs. Kay, ages 68 and 66, file a joint return. Mrs. Kay is legally blind. Compute their standard deduction.


Definitions:

Not-for-Profit Entity

An organization that operates for purposes other than generating profit, often focused on social, educational, or humanitarian objectives.

Form 990

A tax form filed by nonprofit organizations to provide the IRS with annual financial information, including revenue, expenses, and compensation of officers.

Tax-Exempt Entities

Organizations that are not required to pay federal income taxes, typically due to their charitable, religious, educational, or governmental purposes, such as non-profit organizations.

Donor Disclosure

The requirement for a nonprofit organization to report certain information about its donors, depending on the size of the donation and local regulations.

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