Which, If Any, of the Following Statements Relating to the Standard

question 134

Multiple Choice

Which, if any, of the following statements relating to the standard deduction is correct?

• A)If a taxpayer dies during the year, his (or her) standard deduction must be prorated.
• B)If a taxpayer is claimed as a dependent of another, his (or her) additional standard deduction is allowed in full (i.e., no adjustment is necessary).
• C)If spouses file separate returns, both spouses must claim the standard deduction (rather than itemize their deductions from AGI).
• D)If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed.
• E)None of the above.

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Definitions:

Express Contract

A written or spoken agreement in which all terms are explicitly stated.

Contract Elements

The essential components required for a legally binding contract, including offer, acceptance, consideration, and mutual consent.

Bilateral Contract

An agreement containing mutual promises, in which each party commits to performing acts or refraining from actions.

Express Contract

A type of contract where the terms are explicitly stated and agreed upon by the parties, either orally or in writing.