During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following statements is true regarding the support test in this situation? O A. The tuition is considered to be provided by the institution that provided the loan. B. The tuition is considered to be provided by Jake. C. The tuition is considered to be provided by Jake's parents. D. Tuition is not support.
During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following statements is true regarding the support test in this situation? O A. The tuition is considered to be provided by the institution that provided the loan. B. The tuition is considered to be provided by Jake. C. The tuition is considered to be provided by Jake's parents. D. Tuition is not support.
Chapter1: An Introducti On To Taxation And Understa Nding The Federal Tax Law
Section: Chapter Questions
Problem 48DQ
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