Which Item Below Is Not Taken as an Itemized Deduction

question 6

Multiple Choice

Which item below is not taken as an itemized deduction?

• A)Property taxes
• B)Medical expenses
• C)Charitable contributions
• D)Child and dependent care expenses

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Definitions:

Market Value

Market value is the current price at which an asset or service can be bought or sold in an open market.

Retained Earnings

The portion of net income left over for a business after it has paid out dividends to its shareholders, often reinvested into the business.

Cumulative Net Income

The total profit of a company after all expenses and taxes have been deducted, accumulated over a period of time.

Dividends Declared

Profits announced by a company's board of directors to be distributed among shareholders.