Matching Regarding Classification as a Dependent, Classify Each Statement in One

question 119

Multiple Choice

Matching
Regarding classification as a dependent, classify each statement in one of the four categories:
-A niece who lives with taxpayer, is 20 years old, earns $5,000, and is a full-time student.

• A)Could be a qualifying child.
• B)Could be a qualifying relative.
• C)Could be either a qualifying child or a qualifying relative.
• D)Could be neither a qualifying child nor a qualifying relative.

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Definitions:

Primarily Liable

Refers to the party that is first and foremost responsible for fulfilling an obligation or making restitution.

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money either on demand or at a set time, with the payer named on the document.

Agreed

The state of mutual consent or acknowledgement about terms, conditions, or proceedings by all parties involved.

Acceptor

In financial transactions, particularly in negotiable instruments, the party who agrees to pay a bill of exchange.