Which of the following statements regarding dependents is true?
A. To qualify as a dependent of another, an individual must be a resident of the United States.
B. To qualify as a dependent of another, an individual must be either a qualifying child or a qualifying relative of the other person.
C. To qualify as a dependent of another, an individual may not file a joint return with the individual's spouse under any circumstance.
D. To qualify as a dependent of another, an individual must have a family relationship with the other person.
Answer: B
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All of the following are most likely to change the FMV of pension plan assets during a given period except:
a. Employer cash payments are made to the plan trustee. b. Changes in Internal Revenue Service regulations for future tax deductible amounts of contributions. c. Actual returns on invested plan assets. d. Retirement benefits paid.
Landrum voluntarily assigns his transferable interest in a partnership to McClendon. This act does not by itself result in the dissolution of the partnership, nor does it result in McClendon's being entitled to participate in the management of the partnership business
a. True b. False Indicate whether the statement is true or false
Undue influence is the taking of unfair advantage of a person by reason of a dominant position based upon a confidential relationship
Indicate whether the statement is true or false
Rough Rider Disposal Inc. is having a stock split. The current price is $57 per share, and you own 500 shares. The split is a one-and-one-half-shares-for-one share split. What is the expected per share price after the split?
What is your wealth before and after the split? Based on empirical evidence, does the market value of outstanding shares (new price times new quantity) tend to increase or decrease on average when stocks split into a greater number (but lower priced) shares, as in this problem? What will be an ideal response?