Revenue – primary goal


§262. Exceptions – medical care §213



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§262.

  • Exceptions – medical care §213, certain interest payments §163, alimony §215 are deductible.

  • Certain deductions require no expenditure by the taxpayer:


    §61 Gross Income

    • §62 Deductions (Above the Line)

    _____________________________

    =Adjusted Gross Income
    - standard deduction §63(c) or – itemized deductions §63(d) (Below the Line subject to §§67, 68)
    -personal exemption deduction §151

    _____________________________

    = taxable income
    x Rate = tentative tax liability – credits = tax liability

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