56 - dependent (absent the support test) then one person...

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What is a multiple support agreement and what is its purpose? Answer: Normally, in order to claim someone as a dependent a taxpayer must provide more than half the support of the person. At times, an individual may receive support from multiple persons, but no one person has provided more than 50% of the support. In such a case, a multiple support agreement can be signed. If every one of the persons providing support could claim the individual as a
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Unformatted text preview: dependent (absent the support test) then one person who provided more than 10% of the support can receive the dependency exemption if all persons sign a written multiple support agreement. The purpose of the agreement is so someone can obtain the dependency exemption rather than no one. Further, the agreement provides a mechanism such that all parties can agree on who that person should be...
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This note was uploaded on 09/16/2011 for the course ACCT 145 taught by Professor Eric during the Spring '11 term at Palm Beach Community College.

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