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Inventory is a capital asset.

A) True
B) False

Correct Answer

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The test for a qualifying child includes a gross income restriction while the test for qualifying relative does not.

A) True
B) False

Correct Answer

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If no one qualifies as the dependent of an unmarried taxpayer, the unmarried taxpayer may still be able to qualify for the head of household filing status.

A) True
B) False

Correct Answer

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Tax credits reduce taxable income dollar for dollar.

A) True
B) False

Correct Answer

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The standard deduction amount varies by filing status.

A) True
B) False

Correct Answer

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To be considered a qualifying child of a taxpayer, the individual must be the son or daughter of the taxpayer.

A) True
B) False

Correct Answer

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