When a Taxpayer Can Be Claimed as a Dependent on the Tax

question 27

Multiple Choice

When a taxpayer can be claimed as a dependent on the tax return of another individual,the basic standard deduction for the taxpayer is limited to the greater of (a) ________,or (b) the taxpayer's earned income plus $350,but not more than the amount of the basic standard deduction.

• A)$1,000
• B)$950
• C)$1,050
• D)$350

---

Definitions:

Offer And Acceptance

Fundamental concepts in contract law which determine when an agreement exists between two parties. An offer is a proposal while acceptance is the agreement to that proposal.

Negotiability

The quality of a financial instrument that allows it to be transferred or assigned from one party to another with ease.

Unconditional Promise

A commitment to act or refrain from acting in a certain manner that does not rely on any conditions or occurrences for its fulfillment.

IOU

An informal document that acknowledges a debt owed by one party to another, but not necessarily specifying repayment terms.