Accounting 1) Choose the statement that applies to Andy, a 14-year-old child, who earned $2,200 mowing lawns during the summer. Andy also had interest income of $400. Andy's parents must include the $400 of interest income on their tax return. The $400 of unearned income is taxed at his parents' tax rate. Andy must file his own return. Andy has $0 taxable income and does not have to file a tax return. 2) To be considered alimony, the payments must meet certain conditions. Which of the following is not one of the conditions? Payments must stop when the recipient dies Payments are not for child support The two parties may not live in the same household Payments may be in cash or property 3) On July 1, 2020, Sam loaned his son $150,000 to purchase a new house. The loan is for ten years with no interest. The son has no investment income. If the

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1 For children under age 18 and certain older children unearned income over 2000 is taxed at the par... View the full answer