True or False. Nonbusiness expenses are expenses incurred in connection with an income-producing activity that does not qualify as a trade or business. Such expenses are deductions for adjusted gross income.

True or False. In lieu of claiming itemized deductions, taxpayers will use the standard deduction.

True or False. The standard deduction is the sum of two components: the basic standard deduction and the additional standard deduction.

True or False. Certain taxpayers are not allowed to claim any standard deduction, and the standard deduction is limited for others.

True or False. In order to claim a dependency exemption, the taxpayer must furnish over one-half of the support for claimed dependent during the year.

True or False. If individual A’s tax on taxable income is $100,000, and A has a tax credit in the amount of $10,000, A’s AGI will be decreased when the tax credit is applied.

Answer rating: 100% (QA)

Answer Answer 1 False Non business expenses are expenses incurred in connection with an incomeproduc... View the full answer