To recognize such basic personal living costs as food and clothing, each individual taxpayer is allowed a personal exemption of $3,950 in 2014.

Name: To recognize such basic personal living costs as food and clothing, each individual taxpayer is allowed a personal exemption of $3,950 in 2014.
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In 2014, the IRS allowed a personal exemption of $3,950 for each taxpayer, which was intended to cover basic living costs.

To Recognize Such Basic Personal Living Costs as Food and Clothing