In terms of the tax formula applicable to individual taxpayers, which, if any, of the following statements is correct?

	In arriving at taxable income, a taxpayer must choose between the standard deduction and itemized deductions.
	In arriving at AGI, personal and dependency exemptions are subtracted from gross income.
	In arriving at taxable income, a taxpayer must choose between the standard deduction and the deduction for qualified business income.
	The tax formula does not apply if a taxpayer elects to claim the standard deduction.
	None of these.