In terms of the tax formula applicable to individual taxpayers, which of the following statements, if any, is correct?
a. In arriving at taxable income, a taxpayer must choose between the standard deduction and itemized deductions.
b. In arriving at AGI, personal and dependency exemptions are subtracted from gross income.
c. In arriving at taxable income, a taxpayer must choose between the standard deduction and the deduction for qualified business income.
d. The tax formula does not apply if a taxpayer elects to claim the standard deduction.
e. None of these.
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Home » Business » In terms of the tax formula applicable to individual taxpayers, which of the following statements, if any, is correct? a. In arriving at taxable income, a taxpayer must choose between the standard deduction and itemized deductions. b.