The Basic Standard Deduction in 2015 for a Single Taxpayer

question 53

Multiple Choice

The basic standard deduction in 2015 for a single taxpayer who is 67 years old and not blind is:

• A) $7,550.
• B) $6,300.
• C) $7,850.
• D)$1,550.

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Definitions:

Fewer than 100 Shareholders

A characteristic of some business entities, like S-corporations, which limits the number of shareholders to maintain eligibility for certain tax benefits.

Model and Revised Acts

Model and Revised Acts are standardized legislative drafts provided as a suggestion for lawmaking bodies to adopt or adapt, aiming to create uniformity across jurisdictions.

Diversity of Citizenship

A legal requirement for federal jurisdiction, where parties involved in a lawsuit are citizens of different states or countries.

Principal Office

The main location or headquarters of a corporation where official business is conducted; often listed in legal documents.