South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 3, Problem 7DQ
To determine
Explain person M can claim cousin as dependent but not her son.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
3. Hank is single. He covers all of the expenses of his home in which his brother Pete lives. Pete is claimed as a dependent by Pete’s father Tony. Can Hank file as “head of household?” Would your answer differ if Hank could claim Pete as his dependent?
Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following would be a good strategy to allow Henry and Rita to agree on how their property is divided while they are living and also agree on the relinquishment of marital property rights when one of them dies?
Henry and Rita should execute a premarital property agreement.
Henry and Rita should title all of their assets as JTWROS after they are married.
A)
Neither I nor II
B)
II only
C)
I only
D)
Both I and II
Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following strategies would you recommend to address these issues?
A) Have each spouse draft a will disinheriting the other
B) Have Henry and Rita title all of their assets as JTWROS after they get married
C) Have the families enter into a family settlement agreement
D) Have Henry and Rita execute a premarital property agreement
Chapter 3 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 3 - Prob. 1DQCh. 3 - Which of the following items are inclusions in...Ch. 3 - Which of the following items are exclusions from...Ch. 3 - Prob. 4DQCh. 3 - In choosing between taking the standard deduction...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - During the year, Brandi had the following...Ch. 3 - Prob. 20CECh. 3 - Prob. 21CECh. 3 - Prob. 22CECh. 3 - Prob. 23CECh. 3 - Prob. 24CECh. 3 - Prob. 25CECh. 3 - During the year, Tamara had capital transactions...Ch. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - Analyze each of the characteristics in considering...Ch. 3 - Prob. 32PCh. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39PCh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51CPCh. 3 - Prob. 52CPCh. 3 - Prob. 1RPCh. 3 - Prob. 2RPCh. 3 - Prob. 4RPCh. 3 - Prob. 1CPACh. 3 - Jane is 20 years old and is a sophomore at Lake...Ch. 3 - Prob. 3CPA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- LO.4 During 2022, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. The parties, all of whom file separate returns, have AGI as follows: father ($30,000), uncle ($50,000), and grandmother ($40,000). a. Who is eligible to claim Jenny as a dependent? b. Who has precedence to claim Jenny as a dependent?arrow_forwardBill and karen are divorced and the parents of one child who is in bill's custody. in order to work, bill pays karen to care for the child. assuming that karen did not reside with bill, can boll claim a deduction for the child care expenses he incurred?arrow_forwardMark and Lisa were divorced in 2018. In 2019, Mark has custody of theirchildren, but Lisa provides nearly all of their support. Who is entitled to claim the children as dependents?arrow_forward
- Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are "members of the household." Cousin Qualified dependent Niece Qualified dependent Son Qualified dependent Qualifying child Qualifying child Qualifying relative b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Qualified dependent Stepmother Not a dependent Qualifying relative Qualifying relative c. Raul, a U.S. citizen, lives in Costa Rica. Raul's household…arrow_forwardHusband and Wife have two children and decide to divorce. Husband later remarries. He is concerned about his new wife inheriting his estate without sufficient assets being distributed to his two children. Which of the following trusts would be most appropriate to ensure the children receive sufficient assets from Husband's estate? A) A power of appointment trust that names the new wife as the sole income beneficiary and qualifies for the marital deduction, and the children as the remainder beneficiaries B) A revocable living trust that names the new wife as the income beneficiary with a general power of appointment, and the children as the remainder beneficiaries C) A testamentary trust that names the new wife as the sole beneficiary and states that it is Husband's wish for the new wife to distribute 10% of the assets to each child upon their 25th birthdays D) A qualified terminable interest property trust (QTIP) that names the new wife as the income…arrow_forwardVern has a whole life policy, and he has named his wife Corinne as a revocable beneficiary. He is considering changing her status to an irrevocable beneficiary, but is unsure of the potential consequences. If Vern makes Corinne irrevocable beneficiary, what actions can he still take without Corinne's permission? i) Receive policy dividends. ii) Obtain a policy loan. iii) Assign the policy. iv) Let the policy lapse. a) i) and ii) Ob) i) an iv) c) ii) and iii) d) iii) and iv)arrow_forward
- Husband and Wife have two biological children and one adopted child. Now that the adoption is finalized, Husband and Wife believe they should update their estate plan. Which of the following statements is NOT correct concerning the adopted child? A)An adopted child will automatically inherit from both an adoptive parent and a non-adoptive step-parent. B)An adopted child cannot automatically inherit from his or her biological parent(s) and also from his or her adoptive parent(s). C)An adoptive parent may disinherit an adopted child. D)An adopted child will receive an equal share as a biological child under the intestate statutes.arrow_forwardDuring the current year, Freda was entirely supported by her three children, Michelle, Brian, and John, who provided support in the following percentages: Michelle 43% John 48% Brian 9% Which of the children is entitled to claim their mother as a dependent, assuming a multiple support agreement exists? Michelle or Brian Brian or John Michelle or John Michelle, Brian, or Johnarrow_forwardAndy maintains a household that includes a cousin (age 12) a niece (age 18), and a son (age 26). All are full-tiime students. Andy furnishes all of their support and all are "members of the household" How many dependents?arrow_forward
- Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $23,000 per year. All property was divided equally.arrow_forwardAnswer ASAP plsPerson A is the president of Success Blizzard Corporation. He is a child of Person M and Person F, along with Person B and Person S. Person A has a wife, Person W, who died years ago. Person A and Person W has children, Person C1, Person C2 and Person C3. Due to loneliness, Person A currently has a domestic partner, Person D, and they have a child, Person C4. Person D has two children in her prior marriage, Person X and Person Y. Which of the following is true? Person X is not a close family member. Person Y is not a close family member. Person C4 is a close family member. Person S is a close family member.arrow_forwardPaul, age 40 and single, has an 8-year-old son, Larry. Larry resides with his mother, Susan, in her home. Pursuant to the terms of their divorce, Paul properly claims Larry as a dependent on his income tax return. Paul pays child support payments to his ex-wife for the support of his child. Susan does not claim Larry as her dependent, but she does bear the economic burden of supporting the household in which they reside. What is the maximum amount of the 2020 standard deduction that Susan qualifies for? Oa. $12,400 Оb. S18,650 Oc. $20,300 а. Od. $24,800 Oe. Susan does not qualify for claiming a standard deduction. е.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT