The following represent elements of the tax formula for individual taxpayers:
A.Income from any source
B.Personal and dependency exemptions
C.Itemized deductions
D.Deductions for A.G.I.
E.Exclusions from gross income
F.Standard deduction amount
Which of the items listed are considered in arriving at A.G.I.?
A)A, D, and E
B)A, D, E, and F
C)A, B, and D
D)A, E, and F

Question

The following represent elements of the tax formula for individual taxpayers: 
A.Income from any source
B.Personal and dependency exemptions
C.Itemized deductions
D.Deductions for A.G.I.
E.Exclusions from gross income
F.Standard deduction amount
Which of the items listed are considered in arriving at A.G.I.?
A)A, D, and E
B)A, D, E, and F
C)A, B, and D
D)A, E, and F

Quizplus · Accepted Answer

Deductions for A.G.I. are deductions that are subtracted to arrive at Adjusted Gross Income (A.G.I.), which is calculated before itemized or standard deductions are taken into account. Therefore, only items A (Income from any source), D (Deductions for A.G.I.), and E (Exclusions from gross income) are considered in arriving at A.G.I.

The Following Represent Elements of the Tax Formula for Individual