During 2017, Lisa (Age 66) Furnished More Than 50% of the Support

question 172

Multiple Choice

During 2017, Lisa (age 66) furnished more than 50% of the support of the following persons: Presuming all other dependency tests are met, on a separate return how many personal and dependency exemptions may Lisa claim?

• A)Two
• B)Three
• C)Four
• D)Five
• E)None of these

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Definitions:

Deductible Corporate Expense

Expenses that a corporation can subtract from its gross income to reduce its taxable income, according to tax laws.

Stock Dividend

A dividend payment made by a company to its shareholders in the form of additional shares rather than a cash payout.

Total Assets

The sum of all assets owned by a company, including both current and non-current assets.

Par Value

The nominal or face value of a stock or bond, representing the minimum amount set by the issuing company.