Which of the Following Is Not an Exemption from Minimum

question 4

Multiple Choice

Which of the following is not an exemption from minimum essential coverage for health insurance:

• A)the taxpayer had coverage for all but 1 month during the year
• B)the taxpayer's income is less than 200% of the federal poverty level
• C)the taxpayer was in jail
• D)the taxpayer spent 350 days out of the United States during the year

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Definitions:

Consideration

Something of value that is given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Chattel Paper

A document or electronic record that evidences both a monetary obligation and a security interest in specific goods or a lease of specific goods.

Monetary Obligation

A monetary obligation is a legal requirement to pay a certain amount of money, often arising from contracts, loans, or fines.

Specific Goods

Items distinctly identified at the time a contract of sale is made, distinguishing them from other goods.