Benjamin,age 16,is Claimed as a Dependent by His Parents

question 173

True/False

Benjamin,age 16,is claimed as a dependent by his parents.During 2015,he earned $850 at a car wash.Benjamin's standard deduction is $1,400 ($1,050 + $350).

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Definitions:

Limited Partnership

A form of partnership consisting of at least one general partner who manages the business and assumes legal debts and obligations, and one or more limited partners who are liable only to the extent of their investments.

General Partner

An owner of a partnership who is actively involved in its management and has unlimited personal liability for the business debts.

Business Management

The activities associated with running a company, such as planning, organizing, directing, and controlling, to achieve business objectives.

Borrowing Money

Borrowing money involves obtaining funds from another party with the promise to repay the principal amount along with interest or other financial charges.