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Nastasia [14]
3 years ago
8

Paul wishes to claim the Child Tax Credit by claiming his nephew, Jack, as a qualifying child dependent. Jack has an ITIN. Paul

brings in Jack's middle school records showing that Jack's address is Paul's address. Assuming all the eligibility requirements are met, what additional questions should the Tax Professional ask to meet the due diligence requirements for this credit?
Does the child receive social security disability income? Is the child disabled?

Do the child's parents live with you? Why are the parents not claiming the dependent?

How did you keep track of your business income and expenses?

For what portion of the year has the child resided in the United States? How long has the child lived with you?

Business
1 answer:
Alekssandra [29.7K]3 years ago
6 0

Answer:

Do the child's parents live with you? Why are the parents not claiming the dependent?

Explanation:

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Reserves$72Checkable Deposits$240 Securities110Loans from Federal Reserve Banks2 Loans60 Consolidated Balance Sheet: Federal Res
mamaluj [8]

Answer:

d. directly increase by $2 and the money-creating potential of the commercial banking system will increase by $6

Explanation:

Note: The organized table of the question is attached as picture below

Total increase in money supply = (1/Reserve ratio)*2

Total increase in money supply = (1 / 0.25) * 2

Total increase in money supply = 4 * 2

Total increase in money supply = 8.

Out of which 2 is directly increased because fed deposits 2 into checking deposits and 6 is indirectly increased.

5 0
3 years ago
When two countries decide to engage in specialization and exchange the advantage is: Group of answer choices Their production po
kompoz [17]

Answer:

They will be able to consume at a point outside their production possibilities frontier.

Explanation:

The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.  

The PPC is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.  

Factors that cause the PPF to shift  

1. changes in technology.  

2. changes in available resources.  

3. changes in the labour force.  

A country engages in the specialisation of a good for which it has a comparative advantage in its production and purchases goods for which it has a comparative disadvantage in its production .

an advantage of specialisation is that it allows countries to consume goods for which its not efficient in its production. Thus it allows to consume unattainable goods given the resources of the country. As a result, they will be able to consume at a point outside their production possibilities frontier.

4 0
3 years ago
In 2015, the country with the highest GDP per capita in the world was
Musya8 [376]
I think c or d I’m sorry I’m not ver sure
5 0
3 years ago
Read 2 more answers
When an individual invents a new product and patents it, a writer copyrights and publishes a book, or a company develops a symbo
horsena [70]

Answer:

A. Intangible assets

Explanation:

Intangible assets: They refers to assets that are not physical in nature. They are identifiable, non-monetary assets without physical substance such as brand recognition, intellectual property. Intellectual property includes patent right, copyright, and trademarks.

Intangible assets lice brand names are non physical in nature unlike tangible assets that are phsysical. Examples of tangible assets are building, vehicle, land, machineries and furnitures. They are assets that is expected to generate economic return in the future.

There are two classes of intangible assets

1. Identifiable intangible assets: These are intangible assets that can be separated from other assets such as copyright, trademarks and patent.

2. Unidentifiable intangible assets: They are assets that cannot be separated from other assets such as Goodwill.

5 0
4 years ago
We are evaluating a project that costs $744,000, has a six-year life, and has no salvage value. Assume that depreciation is stra
yawa3891 [41]

Answer: $15,400

Explanation:

BEP = Fixed cost - depreciation/ sales - variable cost

BEP = 740,000 - (744,000/6)/($60 -$20)

BEP= $740,000-$124,000/$40

BEP = $616,000/$40

BEP =$15,400

8 0
3 years ago
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