Taxes are calculated based on _____ income, which excludes certain elements that are cash flows and includes other non-cash flow items.

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Taxes are calculated based on taxable income, which excludes certain non-taxable items and may include non-cash flow items such as deductions and credits. Regular and standard income are not terms related to taxation, and itemized deductions refer to specific deductions claimed on tax returns, rather than the overall calculation of taxable income.

Taxes Are Calculated Based on _____ Income, Which Excludes Certain