Match Each Statement with the Correct Term Below

question 11

Multiple Choice

Match each statement with the correct term below.
-Deductions from AGI

• A)Prepaid interest.
• B)Either a qualifying child or a qualifying relative
• C)One test for a qualifying relative.
• D)The minimum amount a taxpayer can deduct for personal expenditures.
• E)A deduction in this category is always allowed. That is, there is no minimum allowable amount and generally no income limitation placed on these deductions.
• F)Generally, these deductions are for specifically allowed personal expenditures.
• G)An exception to this test is a custodial parent.
• H)Interest paid on debt used to buy securities.
• I)Interest paid on credit cards, personal loans, car loans, etc.
• J)Interest paid on a mortgage secured by the taxpayer's residence. The proceeds of the loan are used to pay off a credit card, the interest is not deductible.
• k.A tax designed to prevent the shifting of unearned income to children of the taxpayer.

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Definitions:

Social Audits

A process in which an organization's processes and practices are evaluated for their social impact, adherence to social values, and compliance with social objectives.

Volunteer Work

Unpaid work performed by individuals or groups, typically for charitable, non-profit, or community-based organizations.

Communities

Groups of people living in the same place or having a particular characteristic in common, sharing interests or values.

Code of Conduct

Guidelines crafted to define acceptable actions and behaviors for participants of a specific community, organization, or field.