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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 401 Weeks Ago, 3 Days Ago |
| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Question 1) Gross income is income from whatever source derived less exclusions. 2) Although exclusions are usually not reported on an individual's income tax return, interest income on state and local government bonds must be reported on the tax return. 3) Generally, deductions for (not from) adjusted gross income are personal expenses specifically allowed by tax law. 4) Generally, itemized deductions are personal expenses specifically allowed by the tax law. 5) Taxpayers have the choice of claiming either the personal and dependency exemption or the standard deduction.
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