A Scholarship Received by a Student Is Excluded for Purposes

question 64

True/False

A scholarship received by a student is excluded for purposes of computing whether a person is self-supporting under the qualified child provision.

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Definitions:

Operating

Pertaining to the core business functions and activities of an organization that contribute to the production of goods or services.

General Principles

Broad and fundamental guidelines or rules that form the basis for a field of study or profession.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, notably in the United States.

Limited Liability Company

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.