During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following statements is true regarding the support test in this situation? O A. The tuition is considered to be provided by the institution that provided the loan. B. The tuition is considered to be provided by Jake. C. The tuition is considered to be provided by Jake's parents. D. Tuition is not support.
During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following statements is true regarding the support test in this situation? O A. The tuition is considered to be provided by the institution that provided the loan. B. The tuition is considered to be provided by Jake. C. The tuition is considered to be provided by Jake's parents. D. Tuition is not support.
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 15MCQ
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![Select the best answer.
During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake
is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following
statements is true regarding the support test in this situation?
O
A. The tuition is considered to be provided by the institution that provided the loan.
OB. The tuition is considered to be provided by Jake.
O C. The tuition is considered to be provided by Jake's parents.
O D. Tuition is not support.
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Transcribed Image Text:Select the best answer.
During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake
is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following
statements is true regarding the support test in this situation?
O
A. The tuition is considered to be provided by the institution that provided the loan.
OB. The tuition is considered to be provided by Jake.
O C. The tuition is considered to be provided by Jake's parents.
O D. Tuition is not support.
m, Question Q1
Submit Answers
92% Complete
Exit & Resume La
block.csod.com/lms/scorm/clientLMS/Scorm 12lframeContainer.aspx?aicc_sid-AICCXvd FC TiXtc1JfwhoH-hadA&aicc_url=https://hrblock.csod.com/LMS/scorm/aicc.aspx
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