Key Definitions Flashcards
1
Q
Qualifying Child Test
CARES
A
C - Close Relative
A - Age Limit
R - Residency and Filing Requirements
E - Eliminate Gross Income
S - SUPORT Test
2
Q
Qualifying Relative Test
SUPORT
A
S - Support Test
U - Under Gross Income Limitation
P - Precludes Dependent Filing a Joint Return
O - Only Citizens of the U.S., Mexico, Canada
R - Relative
OR
T - Taxpayer Lives with the Individual (if Non-relative) for the Whole Year
3
Q
What is an Qualified Trade or Business (QTB) and what is included?
A
A QTB is any business other than a specified trade or business (SSTB)
4
Q
What is a Specified Trade or Business (SSTB) and what is included?
A
A SSTB is a business that have direct services like the following:
Health
Law
Accounting
Actuarial Science
Investments
Consulting
Athletics
Financial Services
