In Which, If Any, of the Following Situations May the Individual

question 134

Multiple Choice

In which, if any, of the following situations may the individual not be claimed as a dependent of the taxpayer?

• A)A former spouse who lives with the taxpayer (divorce took place last year).
• B)A stepmother who does not live with the taxpayer.
• C)A married daughter who lives with the taxpayer.
• D)A half-brother who does not live with the taxpayer and is a citizen and resident of Canada.
• E)A cousin who does not live with the taxpayer.

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Definitions:

Accounts Receivable Turnover

A financial ratio that measures how efficiently a company collects revenue owed by its customers over a period.

Management Assessment

An evaluation process where management reviews financial and operational performance, often for strategic decision-making.

Interest

The cost of borrowing money, expressed as a percentage of the amount borrowed, paid by the borrower to the lender.

Note Receivable

A financial asset representing a written promise for a debtor to pay a certain amount of money to the holder of the note on a specific date or on demand.