ACCT M50 PRINCIPLES OF INCOME TAXATION PRACTICE EXAM | FREE SOLVED ANSWERS
The majority of itemized deductions are:
The majority of itemized deductions are:
Multiple Choice
a. Business expenses.
b. Tax credits.
c. Personal living expenses.
d. None of the choices are correct.
Correct Answer: C. Personal Living Expenses
Itemized deductions (such as mortgage interest, medical expenses, state/local taxes, and charitable contributions) are primarily personal living expenses that the tax code allows to be deducted, rather than business expenses or tax credits.
ACCT M50 PRINCIPLES OF INCOME TAXATION PRACTICE EXAM FREE SOLVED ANSWERS