Which of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption? a.The gross income test does not have to be met provided the relative is under age 19 at the end of the tax year. b.The gross income test does not have to be met provided the relative is a student. c.The gross income test does not have to be met provided the relative is under age 24 at the end of the tax year. d.The relative must receive less than $4,200 of gross income in order to qualify. e.All of these choices are correct.
Which of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption? a.The gross income test does not have to be met provided the relative is under age 19 at the end of the tax year. b.The gross income test does not have to be met provided the relative is a student. c.The gross income test does not have to be met provided the relative is under age 24 at the end of the tax year. d.The relative must receive less than $4,200 of gross income in order to qualify. e.All of these choices are correct.
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 4BCRQ
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Which of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption?
a.The gross income test does not have to be met provided the relative is under age 19 at the end of the tax year.
b.The gross income test does not have to be met provided the relative is a student.
c.The gross income test does not have to be met provided the relative is under age 24 at the end of the tax year.
d.The relative must receive less than $4,200 of gross income in order to qualify.
e.All of these choices are correct.
Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2019?
a.$24,400
b.$19,600
c.$12,200
d.$18,350
e.None of these choices are correct.
Which of the following is not a capital asset?
a.Stocks
b.Land
c.Gold
d.A personal automobile
e.Inventory
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT