Which of the Following Statements Regarding a Qualifying Child Is

question 97

Multiple Choice

Which of the following statements regarding a qualifying child is false?

• A) The child must have been alive at least 180 days during the tax year.
• B) The child must be a U.S. citizen or resident of the United States, Canada, or Mexico.
• C) The child must not have provided more than 50% of his or her own financial support during the year.
• D) The child must not have filed a joint return with a spouse unless the return was filed only as a refund claim.

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Definitions:

Substance Over Form

The concept that transactions and their effects should be recorded and reported in a way that reflects their economic reality rather than merely their legal form.

Legal Form

The specific legal structure of an entity or agreement, which determines its legal responsibilities, rights, and the regulatory framework it operates within.

Net Present Value

A calculation used to assess the profitability of an investment by summing the present values of its expected cash flows minus the initial investment cost.

Financial Instruments

Agreements resulting in one party acquiring a financial asset while the opposite party incurs a financial liability or issues an equity instrument.