In the Case of the Adoption of a Child Who

question 4

Multiple Choice

In the case of the adoption of a child who is not a U.S.citizen or resident of the U.S. ,the credit for qualified adoption expenses is available:

• A)In the first year the expenses are paid.
• B)Each year expenses are paid.
• C)In the last year expenses are paid.
• D)In the year the adoption becomes final.

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Definitions:

Consolidated Statement

A financial statement that aggregates the financial performance of a company and its subsidiaries, presenting it as if the group were a single entity.

Comprehensive Income

The sum of net income and other comprehensive income, representing the total change in equity for a period other than transactions with owners.

Gross Margin

The difference between revenue and cost of goods sold, divided by revenue, expressed as a percentage; an indicator of the financial health and performance of a business.

Consolidated Retained Earnings

The cumulative amount of profits kept by a parent company and its subsidiaries after dividends have been paid.