Business, 25.02.2020 23:58 nope58

Dean Kastner is 78 years old and lives by himself in an apartment in Chicago. Dean’s gross income for the year is $2,500. Dean’s support is provided as follows: Himself (5 percent), his daughters Camille (25 percent) and Rachel (30 percent), his son Zander (5 percent), his friend Frankie (15 percent), and his niece Sharon (20 percent).

a. Absent a multiple support agreement, of the parties mentioned in the problem, who may claim a dependency
exemption for Dean as a qualifying relative?
b. Under a multiple support agreement, who is eligible to claim a dependency exemption for Dean as a qualifying relative? Explain.
c. Assume that Camille is allowed to claim Dean as a dependent under a multiple support agreement. Camille is single, and Dean is her only dependent. What is Camille's filing status?

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 02:00

Precision dyes is analyzing two machines to determine which one it should purchase. the company requires a rate of return of 15 percent and uses straight-line depreciation to a zero book value over the life of its equipment. ignore bonus depreciation. machine a has a cost of $462,000, annual aftertax cash outflows of $46,200, and a four-year life. machine b costs $898,000, has annual aftertax cash outflows of $16,500, and has a seven-year life. whichever machine is purchased will be replaced at the end of its useful life. which machine should the company purchase and how much less is that machine's eac as compared to the other machine's

Answers: 3

Answer

Business, 22.06.2019 10:50

Melissa is a very generous single woman. before this year, she had given over $11,400,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. in the current year, melissa gave her daughter riley $100,000 and promptly filed her gift tax return. melissa did not make any other gifts this year. how much gift tax must riley pay the irs because of this transaction?

Answers: 2

Answer

Business, 22.06.2019 19:00

The market demand curve for a popular teen magazine is given by q = 80 - 10p where p is the magazine price in dollars per issue and q is the weekly magazine circulation in units of 10,000. if the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue?

Answers: 1

Answer

Business, 22.06.2019 19:20

This problem has been solved! see the answerwhich of the following statements is correct? the consumer price index is a measure of the overall level of prices, whereas the gdp deflator is not a measure of the overall level of prices. if, in the year 2011, the consumer price index has a value of 123.50, then the inflation rate for 2011 must be 23.50 percent. compared to the gdp deflator, the consumer price index is the more common gauge of inflation. the consumer price index and the gdp deflator reflect the goods and services bought by consumers equally well.

Answers: 2

Answer

You know the right answer?

Dean Kastner is 78 years old and lives by himself in an apartment in Chicago. Dean’s gross income fo...

Questions