Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. $($Note: These are not necessarily complete definitions, but there is only one possible answer for each term.$)$

Description

Term

Reduce AGI by the standard deduction and allowable exemptions.

This is taxed as ordinary income if held less than $12$ months.

This is a claim made by the taxpayer for each person supported by the taxpayer's income.

This is adjusted annually for changes in cost of living.

Examples of this term include charitable deductions, state and local taxes, and moving expenses.