A Widow or Widower May File a Joint Tax Return

question 78

True/False

A widow or widower may file a joint tax return and claim an exemption for the deceased spouse in the year of the spouse's death as long as the surviving spouse does not remarry before the end of the year.

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Definitions:

Direct Method

A way to prepare the cash flow statement where actual cash flow information from company’s operations segment is used.

Operating Expenses

Expenses incurred in the normal course of business operations, excluding costs of goods sold and depreciation.

Prepaid Expenses

Costs paid for in advance for goods or services to be received or used in the future, recorded as assets and subsequently expensed over the applicable period.

Indirect Method

A method used in cash flow statements to calculate net cash flow from operating activities by adjusting net income for non-cash transactions.