When Two or More People Qualify to Claim the Same

question 1519

True/False

When two or more people qualify to claim the same person as a dependent, a taxpayer who is entitled to the exemption through the qualified child rules has priority over a taxpayer who meets the requirements for other relatives.

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Definitions:

Creditor Beneficiaries

A creditor beneficiary is a third party that benefits from a contract wherein the promisor agrees to pay the promisee's debt to the third party.

Assignment of Rights

The transfer of legal rights from one party to another, often involving debts or benefits under a contract.

Assignment of Duties

The process of allocating responsibilities and tasks to individuals or groups in an organization.

Breach of Contract

The failure or refusal of a party to fulfill its obligations as outlined in a mutually agreed-upon legal document.