Just answer 2-19

1:2-12 Can taxexempt income qualify as support? 1:2-21 a. What assets are excluded from capital asset Explain. status? 1:2-13 Can a scholarship qualify as support? b. Are capital gains given favorable tax treatment? 1:2-14 Explain the parpose of the multiple support c. What is the significance of an asset being clasagrecment. sified as a capital asset? 1:2-15 Summarize the rules that explain which parent 1:2-22 Is there any tax advantage for an individual claims their children as dependents in cases of 4.2.22 There there any tax advanage for an individual divorce. eleven months to delay the sale of the asset? I:2-16 What conditions must be met by a married couple Explain. before they can file a joint return? 1:2-23 a. Explain the difference between income split- 1:2-17 Explain what is meant by the phrase maintain a ting and income shifting. bouselvold. b. Why are taxpayers interested in shifting in- 1:2-18 Under what circumstances, if any, can a married come from one tax retum to another within person file as a head of household? the same family of economsic unit? 1:2-19 a. Explain the principal difference in the tax treat- c. Is there a relationship between the tax on unment of an S corporation and a C corporation. earned income of children and taxpayers who b. Why would a C corporation be used if an S atternpt to shift income? corporation is generally exempt from tax? 1.2-24 a. Who is liable for additional taxes on a joint 122-20 Income earned by C corporations is taxed twice. retuina? once when the income is earned and again when it b. Why is this so important? is distributed. If so, how is it possible that operating a business as a C corporation can reduce taxes. 1:2-25 Can cosples change from joint returns to separate returns? Separate to joint? ISSUE IDENTIFICATION QUESTIONS :.2-26 This year, Yong Tweng, a U.S, citizen, supported his nephew who is attending school in the United States. Yung is a U.S citizen, but his nephew is a citizen of Hong Kong. The nephew has a studear visa, but he hopes to become a permanent U.S, resident, Other fanily members hope to cone to the U.S. What huses must be considered by Yung? I:2.27 Carmes and Carlos, who have filed point tax returns for several years, separated this year