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Which of the following statements concerning contributions to traditional IRAS is correct? (A) Contributions may be used to buy life insurance policies. (B) Contributions

Which of the following statements concerning contributions to traditional IRAS is correct? (A) Contributions may be used to buy life insurance policies. (B) Contributions may be deductible or nondeductible. (C) Contributions may be commingled with a taxpayer's other assets. (D) The maximum contribution is 25 percent of the taxpayer's income.

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