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Define and distinguish between tax credit vs tax deduction

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Reference no: EM132465803

Question 1: Appearing below are six items (two each in three categories). Define and distinguish between the two items in (a), in (b), and in (c); and give an example of each of the six terms:

Point (a) Above-the-line deduction vs. below-the-line deduction.

Point (b) Tax credit vs. tax deduction.

Point (c) Ordinary income vs. long-term capital gain.

Reference no: EM132465803

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