In Inheritance, the Original or Parent Class Is Known as the Derived

question 57

True/False

In inheritance, the original or parent class is known as the derived class.

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Definitions:

Head of Household

A filing status for individuals who are unmarried and pay more than half of the costs of keeping up a home for themselves and a qualifying individual.

Dependency Exemption

A tax deduction for taxpayers who support dependents, significantly reduced with the Tax Cuts and Jobs Act of 2017.

Support

In tax terms, support refers to the financial assistance provided for the maintenance of a person, often considered in dependency exemptions.

Life Insurance Premiums

The payments made to an insurance company in exchange for life insurance coverage, which can sometimes be tax-deductible.