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 1 year ago

Next > < Previous

Related Solutions

Which of the following statements is true of the tax treatment of uninsured losses? A. It’s...

Which of the following statements is true of the tax treatment of uninsured losses? A. It’s the same as the financial reporting of uninsured losses. B. It allows for a firm to choose when the loss will be deducted. C. It’s the same for insurance companies and non-insurance companies. D. It requires that the loss be deducted in the year it’s paid.

1. Which of the following statements is true? a. consumers bear a greater excise tax...

1. Which of the following statements is true? a. consumers bear a greater excise tax burden than producers when the demand for the good is inelastic b. consumers bear a greater excise tax burden than producers when the demand for the good is elastic c. consumers and producers bear equal excise tax burdens when the demand for the good is inelastic d. consumers and producers bear equal excise tax burdens when the demand for the good...

Which of the following statements is not true for tax years beginning after 2017? a. Affiliated...

Which of the following statements is not true for tax years beginning after 2017? a. Affiliated corporations that file consolidated returns can take 100% dividends received deduction. b. The dividends received deduction for a small investment in an unrelated corporation is 50%. c. The dividends received deduction for a large investment in a corporation is 65%. d. There is no income limitation on the dividends received deduction.

which of the following statements concerning the classification of deferred tax assets and liabilities is true

Which of the following statements about payroll taxes is true? A : Federal and state unemployment...

Which of the following statements about payroll taxes is true? A : Federal and state unemployment taxes are paid by employers to the taxing authority and are recorded as salaries and wages expense. B : Federal and state unemployment taxes are paid by employers to the taxing authority and are recorded as payroll tax expenses. C : Federal and state unemployment taxes are paid by employers to employees at the time they leave the company and are recorded as salaries...

Which of the following statements is correct? A. Each nondegenerate site counts as one non synonymous...

Which of the following statements is correct? A. Each nondegenerate site counts as one non synonymous site B. Each fourfold degenerate site count as one synonymous site C. Each twofold degenerate site counts as one nonsynonymous site and as one one synonymous D. All of the above

Which of the following statements are true?

Which of the following statements are true? 1. Fats that contain more saturated fatty acid residues than unsaturated fatty acid residues are more likely to be solid at room temperature. 2. Triacylglycerols (triglycerides) contain ester bonds. 3. Saturated fats have lower melting points than do unsaturated fats. 4. Triacylglycerols (triglycerides) always contain three identical fatty acids. 5. Unsaturated fats are more likely than saturated fats to be liquid at room temperature.

Which of the following statements is true?

Which of the following statements is true?When a company goes bankrupt, common stockholders are the first to get paid.A preferred stock promises investors a fixed stream of dividend payments.Holders of preferred stocks have residual claim on the company’s assets and cash flows.Investing in a bond of a company is riskier than investing in a stock of the same company.

Which of the following statements is true?

Which of the following statements is true?The ask price a dealer quotes on a security is the price for which he is willing to sell the security.We can buy IBM shares from a stock broker.Any investor can buy securities from a private offering.A broker holds an inventory of securities

Which of the following statements is true?

Which of the following statements is true? a. Increasing the use of trade credit offered by a supplier is a use of cash. b. Cash is decreased when new debt is issued to purchase holiday merchandise. c. Collecting an accounts receivable is a use of cash. d. Accepting the credit offered by a supplier is a source of cash.

Subjects