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

question 129

Multiple Choice

Matching
Regarding classification as a dependent, classify each statement in one of the four categories:
-An uncle who lives with taxpayer.

• 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:

Reverse Stock Split

A reverse stock split is a consolidation of shares that decreases the total number of outstanding shares and increases the share price proportionately.

Market Value

The existing price for buying or selling an asset or service in the marketplace.

Retained Earnings

The portion of a company's profits that are kept and not paid out as dividends to shareholders, often reinvested into the business.

Special Dividend

A one-time distribution of earnings to shareholders, outside of the regular dividend schedule.