When comparing the alternative minimum tax calculation to the regular income tax calculation, which deductions are only permitted in the regular income tax calculation?
i personal exemption
ii state and local tax deduction
iii miscellaneous itemized deductions
iv medical expense deduction
a. i and ii only
b. iii and iv only
c. i, ii, iii
d. i, ii, iii, iv

C) I, II, III

Explanation:

When you are calculating alternative minimum tax many of the basic deductions allowed when calculating regular income are not permitted. When you are calculating alternative minimum tax there are no personal exemptions, no deductions for state and local taxes, no standard deductions and no deductions for miscellaneous items.

Medical expenses are deductible when calculating alternative minimum tax, but only if they exceed 10% of adjusted gross income (AGI).

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

the answer is account d