1 pts Question 22 Deductions for adjusted gross income and itemized deductions are two types of reductions used to calculate taxable income. Which of the following is/are characteristic(s) of these types of deductions? 1. Taxpayers can deduct the larger of itemized deductions or the standard deduction II. Taxpayers can deduct the larger of deductions for adjusted gross income or the standard deduction Deductions for adjusted gross income are limited to those incurred in a trade or business, incurred in the earning other forms of income, and certain specifically allowed personal expenses of individuals. III Statements I and II are correct. Statements I and Ill are correct. Statements 1, 11, and III are correct. Statements II and III are correct, Only statement III is correct