Taxable Income for an Individual Is Defined as

question 111

Multiple Choice

Taxable income for an individual is defined as

• A)AGI reduced by itemized deductions.
• B)AGI reduced by personal and dependency exemptions.
• C)total income reduced by the standard deduction.
• D)AGI reduced by deductions from AGI and personal and dependency exemptions.

---

Definitions:

Parol Evidence

A rule in contract law that prevents the introduction of evidence of prior or contemporaneous negotiations and agreements that contradict, modify, or vary the contractual terms of a written contract.

Integrated Contract

A contract that is considered complete and final, where all the terms are included in the document itself, precluding oral or other external agreements.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the party being charged, to be legally enforceable.

Promisors

Individuals or entities that make a promise or agreement within a contract to perform a specified act or duty.