Excerpt from Tax Rules Relating to Puerto Rico Under Present Law and Under Statehood, Independence, and Enhanced Commonwealth Status (S. 712, Puerto Rico Status Referendum Act): Scheduled for Hearings Before the Senate Committee on Finance on November 14-15, 1989 The u.s. Tax system permits numerous deductions, exclusions. And credits in the calculation of taxable income and tax liability. Certain expenses are permitted as itemized deductions that reduce taxable income if the sum of these expenses exceeds the standard deduction. In particular, State and local income and property taxes generally are permitted as itemized deductions. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.