Explain the deduction that was allowed prior to 2018 if a taxpayer claimed someone as a dependent.
Question:
Explain the deduction that was allowed prior to 2018 if a taxpayer claimed someone as a dependent. Which relatives could qualify for this deduction and which relatives did not qualify? When will this deduction be reinstated?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
Each taxpayer providing the requisite support for a dependent wa...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
Question Posted:
Students also viewed these Business questions
-
For each of the following situations, determine the deduction concepts involved, and explain how they form the basis for the tax treatment described: a. Jamie sells her personal residence at a loss...
-
Prior to 1986, all consumer interest expense was deductible. In 1986, Congress eliminated the deduction for consumer interest expense, including interest paid on car loans and credit card balances....
-
The trustee of the Thornton Trust was approached by the development director of the Orr-field Symphony Orchestra (OSO) for a gift of $1 million toward the OSO building campaign. The parties agreed...
-
The Quality Athletics Company produces a wide variety of sports equipment. Its newest division, Golf Technology, manufactures and sells a single product AccuDriver, a golf club that uses global...
-
Describe the events of brain development.
-
Consider a weak acid HX. If a 0.10 M solution of HX has a pH of 5.83 at 25C, what is DG for the acids dissociation reaction at 25 C?
-
Consider Figure 5-14. Paths a-b-c and a-b-d converge LO6 at activity f, but we ignored this potential merge problem in the text. Why?
-
Curtis Hamilton started a new business and completed these transactions during December. Dec. 1 Curtis Hamilton transferred $56,000 cash from a personal savings account to a checking account in the...
-
Five J Builders is trying to determine its cost of debt. It currently has debt issue outstanding that matures in 21 years. The price of the bonds when issued 4 years ago was 101% of par. However, the...
-
A private company has two debt covenants in place: a. Maximum debt- to- equity ratio: Current and long- term liabilities, excluding future income taxes, are divided by total shareholders equity. b....
-
What is the purpose of the qualified business income deduction? Explain how it is calculated.Explain the deduction that was allowed prior to 2018 if a taxpayer claimed someone as a dependent. Which...
-
If the dependency exemption deduction for claiming children as dependents on their parents tax return has been eliminated, then what is the purpose of preserving the rules for determining who is a...
-
Use the answers to Exercises 5.6 and 5.7 to modify the answer to Exercise 5.8 to have a mean of 0 and a standard deviation of 1.00.
-
Given the following differential equation, dydx = sin ( x + y ) Find the following: ( a ) The substitution u = ( b ) The transformed differential equation dudx = ( c ) The implicit solution, given...
-
Consider the following type declarations TYPE Alinteger; A2 pointer to float; A3 pointer to integer; T1 structure (x: integer; } T2 structure (x: A1; next pointer to integer; } b float; } a :...
-
https://www.viddler.com/embed/82b62f65 Questions: How do companies decide where to locate their facilities? Why has just-in-time inventory control become a dominant production process used in the...
-
Adjusting Entries for Interest At December 31 of Year 1, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31 of Year 2, Portland also had two notes payable...
-
We want to get an idea of the actual mass of 235U involved in powering a nuclear power plant. Assume that a single fission event releases 200 MeV of thermal energy. A 1,000 MWe electric power plant...
-
A $1 investment in a portfolio of small company stocks in 1928 would have grown to over ________ by mid-2019. a. $35,000 b. $8,000 c. $800 d. $80
-
Consider a game of poker being played with a standard 52-card deck (four suits, each of which has 13 different denominations of cards). At a certain point in the game, six cards have been exposed. Of...
-
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. a. Amber Corporation donated inventory of clothing (basis of $24,000, fair...
-
Art, an executive with Azure Corporation, plans to start a part-time business selling products on the Internet. He will devote about 15 hours each week to running the business. Arts salary from Azure...
-
Compute the income tax liability for each of the following unrelated C corporations. a. Darter Corporation has taxable income of $68,000. b. Owl Corporation has taxable income of $10,800,000. c....
-
Your company BMG Inc. has to liquidate some equipment that is being replaced. The originally cost of the equipment is $120,000. The firm has deprecated 65% of the original cost. The salvage value of...
-
1. What are the steps that the company has to do in time of merger transaction? And What are the obstacle that may lead to merger failure? 2.What are the Exceptions to not to consolidate the...
-
Problem 12-22 Net Present Value Analysis [LO12-2] The Sweetwater Candy Company would like to buy a new machine that would automatically "dip" chocolates. The dipping operation currently is done...
Study smarter with the SolutionInn App