For Purposes of the Qualifying Child Residence Test,a Child's Temporary

question 88

True/False

For purposes of the qualifying child residence test,a child's temporary absence from the taxpayer's home for attending school full-time is counted as though the child lived in the taxpayer's home during the absence.

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Definitions:

Nonborrowed Source

A term referring to funds or resources that are not obtained through borrowing.

Franchise Fee

The one-time payment made to become a franchisee.

Venture Capitalist

An investor who provides capital to startup companies and small businesses with perceived long-term growth potential in exchange for equity.

One-Time Payment

A single transaction or payment made to settle a debt or purchase a product or service, without requiring recurring payments.