Which of the Following Statements Is/are Correct

question 135

Multiple Choice

Which of the following statements is/are correct?
I.There is a minimum allowable standard deduction from adjusted gross income of individuals.
II.Corporations are allowed deductions from adjusted gross income.
III.Corporations are allowed a standard deduction.
IV.Personal exemptions of individuals are deductible for adjusted gross income.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Statements II and IV are correct.
• D)Statements I and IV are correct.
• E)Statements I and III are correct.

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Definitions:

Personally Responsible

Taking ownership and accountability for one's actions and duties, being reliable in fulfilling obligations and commitments.

Injuries

Physical harm or damage to the body caused by accidents, falls, hits, weapons, or other external forces.

Federally Registered

A status indicating that a business, trademark, or other item has been officially recorded and recognized by a national government.

Trademark

A symbol, word, or phrase legally registered or established by use as representing a company or product.