Adjusted Gross Income (AGI)is the Basis for a Number of Phase-Outs

question 6

True/False

Adjusted gross income (AGI)is the basis for a number of phase-outs of deductions.

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Definitions:

Gratuitous Agent

An individual who acts on behalf of another without receiving any compensation or benefit, motivated by voluntary intent or relationship.

Duty of Loyalty

An obligation of an individual, such as a director of a company, to act in the best interests of the company or another person, without personal conflict.

Fiduciary

A person or organization that acts on behalf of another person or persons, putting their clients' interest ahead of their own, with a duty to preserve good faith and trust.

Fiduciary Obligation

A legal or ethical relationship of trust where one party, known as a fiduciary, acts in the best interests of another party, such as a trustee for a beneficiary.