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.
Answer:
Ethics of accounting information is providing accounting information to make good economic decisions in the financial statement of the organization.
Explanation:
Answer: $116.026
Explanation:
Given the following ;
Yearly hazard insurance = $350
Keisha is the buyer and the closing date of transaction is September 1 of the year.
January 1 till September 1 = 244days
Now Keisha will have to credit John from September 2 till December 31st of that year
Therefore,
September 2 till December 31 = 365 - 244 = 121 days
Daily hazard insurance = $350 ÷ 365 = $0.9589
Keisha's share = $0.9589 × 121 = $116.026
Answer:
The corporation may have liability, but not the individual owners.
Explanation:
A c-corporation have a limited liability which means that the liability of the company cannot be extended to shareholders. It is only limited to the amount invested by the shareholders.
Therefore, the shareholders of the c - corporation won't be personally affected by the law suit.
A c- corporation is a form of corporation where the shareholders are taxed separately. In addition to taxing shareholder, corporate income is also taxed which leads to a double taxation.
The answer is B, and the subject line has to be short and cohesive with the subject of the whole e-mail.
