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What is the distinction between deductions for AGI and deductions from AGI and why should this be important for individuals?
As you review deductions from AGI and for AGI, how should bribes and kickbacks be treated for tax purposes? Are they a deduction and are they allowed? As you may recall, Al Capone’s conviction caused mobsters and other illegal gangsters to rethink their method of keeping detailed records. Why did this rethink occur? How different was this situation of bribes and kickbacks to how multimillion-dollar corporations do business now?
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Running Head: DEDUCTIONS ON TAXABLE INCOME
Deductions on Taxable Income
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DEDUCTIONS ON TAXABLE INCOME
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Adjustable Gross Income (AGI) is an individual’s total income or pay from sources both
in the form of cash, property or services received with contains tax deductions after the filing of
tax returns. The deductions are allowed whether or not the individual itemizes deductions when
filing their tax returns. This deduction may be for or from AGI. Deductions for AGI are those
taken before calculation of AGI and can be taken whether the taxpayer ta...
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