Steven and Susie Tyler Have Three Dependent Children Ages 13,15,and

question 32

Multiple Choice

Steven and Susie Tyler have three dependent children ages 13,15,and 17.Their modified AGI is $108,000.What is the amount of the child credit to which they are entitled?

• A)$0
• B)$1,000
• C)$2,000
• D)$3,000

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Definitions:

Subsidiary Company

A company that is completely or partly owned and partly or wholly controlled by another company, known as the parent company.

Parent Company

A corporation that owns a majority of the shares of another company, thus controlling management and operations.

Controlled Company

A company in which a majority of its stock is owned or its operations are controlled by another entity.

Investee Company

A company in which another company (the investor) holds a significant stake but does not have controlling interest.