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Question - Jim needed to pay $7,850 in qualified education expenses for his son Tim in 2020. Jim files a joint return and together with his spouse they show an AGI of $70,000 in 2020.
What amount, if any, may Jim deduct and how much is the credit?
a. American Opportunity Tax Credit in the amount of $2,500.
b. American Opportunity Tax Credit in the amount of $2,780.
c. Lifetime Learning Credit in the amount of $2,000.
d. Jim in not eligible to claim an education credit, because he was not the student.
M paid tuition of $25,000 during the current year as a full-time student for eight months, What is the amount of the federal tuition credit available to M
It is estimated that $38,400 of these fixed expenses could be eliminated if the department is discontinued. These data indicate that if the department is discontinued, the company's overall net operating income would:
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