Question

Like individuals, corporations can claim both deductions for and deductions from AGI.

True False

Answer 1

the deductions made from AGI are of two types

above the line deductions and below the line deductions where line is the adjusted gross income or AGI

above the line deductions can be claimed even if the tax payer do not itemize on the contrary below the line deductions are itemized deductions

yes it is true, corporations can also claim both for and from AGI deductions

the difference between the individual and corporations is individuals do not deduct the cost of surviving selling their labor, like cost of housing, transportation, food, clothing, medical insurance however corporations can deduct the cost of surviving and providing its goods and services in the market

other deductions made by corporations are operating expenses, employee expenses, travel and insurance expenses, bad debt, interest, equipment, professional services.