Which, if any, of the statements regarding the standard deduction is correct?
a. Some taxpayers may qualify for two types of standard deductions.
b. The standard deduction is not available to taxpayers who choose to deduct their personal and dependency exemptions.
c. The standard deduction may be taken as a for AGI deduction.
d. The basic standard deduction is indexed for inflation but the additional standard deduction is not.
e. None of these.
a
RATIONALE: An example of two additional standard deductions would be a taxpayer who is age 65 (or older) and blind (choice a.). Both the basic and the additional standard deductions are subject to indexation (choice d.). Personal and dependency exemptions are deductible in any event (choice b.). The standard deductions are in lieu of deductions from AGI—not for AGI (choice c.).
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The Agency Law Disclosure needs to be attached to which of the following documents and signed by all parties in targeted transactions?
a. A purchase agreement. b. A seller's listing agreement. c. A lease agreement for a term exceeding one year. d. All of the above.