Charlotte is the Lucas family's 22-year-old daughter. She is a full-time student at an out-of-state university but plans to return home when the school year ends. During the year, Charlotte earned $4,000 of income working part-time. Her support totaled $30,000 for the year. Of this amount, Charlotte paid $7,000 with her own funds, her parents paid $14,000, andCharlotte's grandparents paid $9,000. Which of the following statements most accurately describes whether Charlotte's parents can claim a dependency exemption for Charlotte? A. Yes, Charlotte is a qualifying child of her parents. B. No, Charlotte fails the support test for both qualifying children and qualifying relatives. C. No, Charlotte does not pass the gross income test. D. Yes, Charlotte is a qualifying relative of her parents
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Charlotte is the Lucas family's 22-year-old daughter. She is a full-time student at an out-of-state university but plans to return home ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What was the interest rate in 2002?
Answers (2)
Fern has preferred stock selling for 93.5 percent of par that pays an 9.5 percent annual coupon. What would be Fern's component cost of preferred stock?
Answers (1)
Problem-solving teams are permanent teams that make recommendations for others to implement. True/False
Answers (1)
You are asked to lead a team that needs to develop many creative solutions for the company's manufacturing problems. what type of leadership style is best for this team?
Answers (1)
Which of the following is not a true statement? A. The all-in-rate a bank charges its customer (s) for accepting drafts includes both the discount rate and the acceptance commission. B.
Answers (1)
New Questions in Business
The major benefit of diversification is the: a. increased expected return. b. removal of all negative risk assets from the portfolio. c. reduction in the portfolio's total risk. d. reduction in the portfolio's systematic risk.
Answers (1)
Dougherty Corporation purchased a new delivery van for use in its dry-cleaning business. As part of the purchase of the van the following costs were incurred: Acquisition cost 30,000, Sales tax 1,800, Title transfer 250, paid to the company logo on
Answers (1)
Horatio Alger is the product manager for Brand X, a consumer product with a retail price of $1.20. Retail margins are 35% while wholesalers take an 11.5% margin.
Answers (1)
Explain what is meant by market research.
Answers (1)
Jean, a restaurant critic, publishes a review in a national daily that the sandwiches served at his friend's deli are usually not fresh. Tom, the owner of the deli, notices a significant decrease in customers after the review gets published.
Answers (1)