To Be a Qualifying Relative,the Taxpayer Must Meet Three General

question 71

Multiple Choice

To be a qualifying relative,the taxpayer must meet three general tests and four specific tests.Which one is part of the four specific tests?

• A)Gross income test.
• B)Age test.
• C)Citizen or resident test.
• D)Residency test.

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Definitions:

Cash Flow Assets

Assets that generate regular income streams, such as rentals, dividends, or interest payments.

Intangible Assets

The value of patents, software programs, copyrights, trademarks, franchises, brand names, or assets that cannot be physically touched.

Cash Flow Statement

A financial report that details the inflows and outflows of cash for a company over a set period of time.

Shareholders Statement

A documented communication from a corporation to its shareholders, detailing financial performance, strategies, and corporate actions.