Which Statement Best Describes the U

question 52

Multiple Choice

Which statement best describes the U.S. framework for determining if an individual who is not a U.S. citizen will be treated as a resident alien for U.S. tax purposes?

• A)A person must have a green card and meet a substantial presence test to be treated as a resident alien for U.S. tax purposes.
• B)A person must have a green card to be treated as a resident alien for U.S. tax purposes.
• C)A person must meet a substantial presence test to be treated as a resident alien for U.S. tax purposes.
• D)A person with a green card will always be treated as a resident alien for U.S. tax purposes, while a person without a green card may be treated as a resident alien if she meets a substantial presence test.

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Definitions:

Chart Of Accounts

An organized list of all accounts in a company's financial system, which is used to classify transactions.

Financial Statement Order

The sequence in which the key financial documents are prepared, typically including the income statement, balance sheet, statement of cash flows, and statement of retained earnings.

Debits And Credits

Fundamental accounting concepts that are used in double-entry bookkeeping, where debits must equal credits in every transaction.

Journal Entries

Accounting records that document all financial transactions in the order they occur, ensuring accurate tracking of business operations.