Can jennie claim an education credit for the tuition paid

Reference no: EM13906050

1. Compare and contrast the lifetime learning credit with the American opportunity credit.

2. Jennie's grandfather paid her tuition this fall to State University (an eligible educational institution). Jennie is claimed as a dependent by her parents, but she also files her own tax return. Can Jennie claim an education credit for the tuition paid by her grandfather? What difference would it make, if any, if Jennie did not qualify as a dependent of her parents (or anyone else)?

Reference no: EM13906050

Questions Cloud

Margin of safety percentage : Arthur Corporation has a margin of safety percentage of 25% based on its actual sales. The break-even point is $390,000 and the variable expenses are 45% of sales. Given this information, the actual profit is:

Truax corporation to have constructed a custom-made lathe : Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2016. Prepare the journal entry on January 1, 2016, for Truax Corporation’s sale of t..

What was its cost of goods sold : Sands Company sold goods with a total selling price of $808,650 during the year. It purchased goods for $389,900 and had beginning inventory of $74,440. A count of its ending inventory determined that goods on hand was $56,990. What was its cost of g..

What amount of the partnerships loss : The partnership agreement for Smith, Wesson & Davis, a general partnership, provided that profits be shared between the partners in the ratio of their financial contributions to the partnership. Smith contributed $105,000, Wesson contributed $63,000 ..

Can jennie claim an education credit for the tuition paid : Can Jennie claim an education credit for the tuition paid by her grandfather? What difference would it make, if any, if Jennie did not qualify as a dependent of her parents (or anyone else)?

Payment dates in connection with cash dividend : The declaration, record, and payment dates in connection with a cash dividend of $1,250,000 on a corporation's common stock are August 1, October 15, and November 14.

Implement stream socket for communication : You are required to implement stream socket for communication and both client and Server to be implemented on the same machine for demonstration

For partnership-amounts recorded for capital account : Badger and Fox are forming a partnership. Badger invests a building that has a market value of $352,000; the partnership assumes responsibility for a $126,000 note secured by a mortgage on the property. Fox invests $101,000 in cash and equipment that..

General journal entry to record the final distribution : Mack, Harris, and Huss are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Mack, $15,800, Harris, $15,800, Huss, $(2,800).

User Account

All Pages