In the Relationship "EMPLOYEE Claims DEPENDENT" the DEPENDENT Entity Is

question 32

Short Answer

In the relationship "EMPLOYEE claims DEPENDENT" the DEPENDENT entity is ____________________ on the EMPLOYEE entity.

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Definitions:

FMV

Fair Market Value, the price at which property would change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell.

Distribution

The payment of dividends or assets to shareholders or partners from a corporation, partnership, or another type of entity.

Partnership

A type of business structure where two or more people share ownership, as well as the responsibility for managing the business and the income or losses it generates.

Ordinary Income

Income earned through salaries, wages, commissions, and interest, subject to standard tax rates.