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alexandr402 [8]
3 years ago
15

For a qualifying relative to be claimed as a dependent, a person must either be related to the taxpayer, or be a member of the t

axpayer's household for the entire year. Select the relative who must be part of the taxpayer's household for the entire year.A. Father.
B. Sister.
C. Cousin.
D. Son-in-law
Business
1 answer:
Burka [1]3 years ago
5 0

Answer:

The correct option is (C)

Explanation:

To be able to claim somebody as a dependent, the person has to qualify 4 tests. They are:

  • Lineal descendant
  • Must live with the taxpayer for more than a year
  • Should be below 19 years or under 24 if a full time student
  • Cannot file return on their own.

If a person who is not a lineal descendant to be claimed as a dependent needs to be a part of taxpayer's household for 365 days (whole year).

In this case, taxpayer's cousin is not a lineal descendant. Rest of them (sister, father and son-in-law) are lineal descendants. So, cousin has to stay with the taxpayer for the entire year.

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When accounting for the general fund, the encumbrances control account is credited when:_____.
polet [3.4K]

When accounting for the general fund, the encumbrances control account is credited when: purchase order is filled or canceled.

<h3>What do you mean by general fund?</h3>

A general fund is defined as the fund which is known as the primary operating fund of a governmental unit. Most of the usual activities are supported by general fund.

On the other hand, the encumbrance control account is defined as settlement under which the some amount of money keep aside to meet the anticipated expenses.

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Learn more about general fund, refer to the link:

brainly.com/question/24020252

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7 0
1 year ago
Tiny went back to his office after the meeting and began to crunch the numbers on the rapid inflator. At a price of $10 per unit
Artist 52 [7]

<u>Solution and Explanation:</u>

<u> Part A </u>-   Inflatable divisions's Current Return on Investment = Yearly Earnings / Investment Cost * 100

There the Inflatable Division is Currently Earning $ 250,000 annually from an Asset base of $ 1,250,000

Therefore, ROI = 250000 / 1250000 * 100=20 \%

<u>Part B -   </u>Let the maximum variable cost be X.

Given that - 1. Selling Price per Unit = $10 , 2. No of Units to be produced = 40000 , 3. Annual Fixed Cost = $ 140000

Therefore ,   ROI = Current Earning + New Earning / Current Assets + New Assets

20% = 250000+[(10-\mathrm{X}) * 40000-\underline{140000}] / 1250000+100000

Solve for X getting, X = 6

Therefore maximum variable cost it can incur without change in current ROI is $ 6 per unit  

Resulting Contribution Margin per Unit = SP - VC = $10 minus $6 = $4 per unit

<u> part C -</u>   Minimum Transfer Lightning division Should charge

Given Information - Capacity of Lightning division is 150000 units and Utilized capacity is 135000 units. Therefore Spare capacity is 15000 units .Also Market Price of Product of Lightning division is $ 5 and Variable cost is $3 per unit.

So for the First 15000 units of Requirement of Inflatable division - Transfer Price should be Variable cost i.e $ 3 per unit because Lightning division has spare capacity in this.

For the next 25000 units of requirement of Inflatable division - Transfer Price should be Market Price i.e $ 5 per unit as Lightning division has to reduce is external sale.

Therefore Minimum TP = 15000 * 3+25000 * 5 / 40000=\$ 4.25 per Unit

<u>Part D -  </u>No, Here Tiny offers to transfer $4 ( $6 - $2 ) per unit to Lightning division. However  the minimum TP Lightning should get is 4.25 per unit and if less than this TP is offered by Tiny it will lead to loss in the Lightning Division.

3 0
3 years ago
Wayne was a bona fide resident of Brazil for all of 2018 and 2019. He reports his income on the cash basis. In 2018, he was paid
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Answer:

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Explanation:

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