Claude's Deductions from AGI Exceed the Standard Deduction Allowed for the Current

question 27

True/False

Claude's deductions from AGI exceed the standard deduction allowed for the current year.Under these circumstances, Claude cannot claim the standard deduction.

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Definitions:

Residuary Clause

A provision in a will that designates where the remainder of the estate goes after specific gifts are distributed.

Durable Power of Attorney

A legal document that grants an individual the authority to act on another person's behalf in legal and financial matters, even if the grantor becomes incapacitated.

Health-Care Power of Attorney

A legal document allowing an individual to appoint someone else to make medical decisions on their behalf if they become incapacitated.

Constructive Trust

A remedy imposed by a court recognizing a person’s right to ownership of property because of fairness, even though legal title is held by someone else.