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 above are not included in the formula for corporate taxpayers?
A)B, D, and E
B)B, C, and F
C)B, C, and E
D)B, D, 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 above are not included in the formula for corporate taxpayers?
A)B, D, and E
B)B, C, and F
C)B, C, and E
D)B, D, and F

Quizplus · Accepted Answer

Personal and dependency exemptions (B) are not included in the formula for corporate taxpayers. However, itemized deductions (C) and deductions for A.G.I. (D) may still apply to corporations. The standard deduction amount (F) is also not relevant for corporate taxpayers as they cannot claim a standard deduction. Exclusions from gross income (E) may also differ for corporations.

The Following Represent Elements of the Tax Formula for Individual