For Purposes of the Qualifying Child Residence Test,a Child's Temporary

question 88

True/False

For purposes of the qualifying child residence test,a child's temporary absence from the taxpayer's home for attending school full-time is counted as though the child lived in the taxpayer's home during the absence.

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Definitions:

Dividends In Arrears

Unpaid dividend amounts on cumulative preference shares that must be paid out before any dividends can be distributed to common shareholders.

Paid Preferred Dividends

Dividends distributed to preferred stockholders, typically on a fixed schedule, before any dividends are given to common stockholders.

Declared Preferred Dividends

Dividends announced by a company's board of directors to be paid on preferred shares.

Preemptive Right

A shareholder's right to maintain their proportional ownership in a company by buying a proportionate share of any new stock issues.