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Which of the following statements are true? Domicile, residency, and home state are synonymous for tax...

Which of the following statements are true?

Domicile, residency, and home state are synonymous for tax purposes

Domicile and residency are the same for tax purposes

Domicile, residency, and home state all have different meanings for tax purposes

If you are domiciled in a state, you are also considered a resident of that state.

Solutions

Expert Solution

Both the below mentioned statements are true.

(C) Domicile, residency, and home state all have different meanings for tax purposes.

(D) If you are domiciled in a state, you are also considered a resident of the state.

Explanation of (C) : Domicile is a home acquired with the intention to stay indefinitely. You can have one domicile  but more than one residence. Domicile is a permanent home.

If you are present in the country for 183 days or more per tax year or if not, by visiting the country very frequently and have the intention to reside there, is called residency.

Home state is the state in which a child lived with his parents for at least six consecutive months immediately prior to the commencement of a child custody proceedings.

Explanation of (D) :Domicile is a home, which is permanent in nature. If you domiciled in a state then due to the permanent nature of domicile, the person considered a resident of the state.

ekkarill92 answered 2 years ago
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