Why are some deductions called above the line deductions

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Reference no: EM132627272

Assignment: 1. How do two taxpayers determine who has priority to claim a person as a dependent if the person is qualifying child of two taxpayers, when neither taxpayer is a parent of the child (assume the child does not qualify as a qualifying child of either parent).

2. Why are some deductions called "above the line" deductions and others called "below the line" deductions? What is the "line?"

Initial/Original Post

Please post what you view as the appropriate responses to the above prompts. Your initial post should be 250-300 words. Please provide response with a clear, well-formulated thesis; sentence structure, grammar, punctuation, and spelling count. Support ALL posts with appropriate rationale and citations from readings; document sources using APA format

Note: cite from this book please: Spilker,B &Ayers,B &Barrick, J& Robinson, J& Weaver, C &Worsham, R &Outslay,McGraw-Hill Book Company. (2021). "McGraw-Hill's taxation of individuals and business entities" 12th edition

Reference no: EM132627272

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