-In the fall of 2018, Julia went back to school to earn a master of...
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Accounting
-In the fall of 2018, Julia went back to school to earn a master of business degree. She incurred $8,000 of qualified educational expenses and her modified AGI for the year was $50,000. Her Lifetime Learning Credit is
A) $1,000.
B) $1,400.
C) $1,600.
D) $2,500.
-Which one of the following is a refundable credit?
A) child and dependent care credit
B) earned income credit
C) lifetime learning credit
D) credit for the elderly and disabled
-Fernando, a single taxpayer, has the following tax information for the current year.
Charitable contribution of real property with a FMV of $30,000 (adjusted basis $20,000) for which a $30,000 deduction was taken for regular tax.
Research and experimental expenses of $50,000 deducted in full for regular tax.
Fernandos total tax preferences and adjustments equals
A) $5,000.
B) $36,000.
C) $41,000.
D) $45,000.
-The general business credit may not exceed the net income tax minus the greater of the tentative minimum tax or
A) 20% of the net regular tax liability above $20,000.
B) 25% of the net regular tax liability above $20,000.
C) 20% of the net regular tax liability above $25,000.
D) 25% of the net regular tax liability above $25,000.
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