Q1. Under US, income tax law deductions are Classifying into Deductions for and deductions from adjusted gross income. Discuss in detail the items of each kind. (2 marks)

Q2. Explain the different concepts of income from accounting, economics and taxation perspectives (DO NOT copy from the slides). (1.5 marks).

Q3. A taxpayer, who is single and age 44, received $60,000 of gross income and had $5,000 of deductions for AGI and $5,000 of itemized deductions.

Required: find Seans taxable income. (1.5 marks)