Under Which of the Following Scenarios Could Charles, a Citizen

question 92

Multiple Choice

Under which of the following scenarios could Charles, a citizen of England, be eligible to claim the "closer connection" exception to the substantial presence test in 2020?

• A)Charles spent 183 days in the United States in 2020 and has his tax home in England.
• B)Charles spent 183 days in the United States in 2020 and has his tax home in the United States.
• C)Charles spent 182 days in the United States in 2020 and has his tax home in England.
• D)Charles spent 182 days in the United States in 2020 and has his tax home in the United States.

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Definitions:

United Bank

A generic term that may refer to any bank operating under the name "United Bank" in various parts of the world.

Excess Reserves

The reserves held by banks over and above the minimum required by the central bank, available for lending or investment.

Money Supply

The total financial resources existing in an economy at a certain time.

Open Market Operations

These are financial activities where central banks buy or sell government securities in the open market to control the money supply and influence interest rates.