What education tax credit is Jim eligible

Assignment Help Accounting Basics
Reference no: EM132659616

Problem - Jim spent four years earning his undergraduate degree at a local university. He began his first year of law school in January of the current year. Assuming he is under the phaseout limitation, what education tax credit is Jim eligible for in the current year?

a. American Opportunity credit

b. Earned income credit

c. Lifetime learning credit

d. Professional education and training credit

Reference no: EM132659616

Questions Cloud

Should assam lumber process raw lumber into finished form : Assume that internal transfers are made at 110% of variable costs. Will each division maximize its division operating income contribution
What is the amount of the child tax credit : The Koz family has adjusted gross income of $300,000. What is the amount of the child tax credit on the couple's income tax return
Discuss about the mobile marketing in brief : From the topics covered in the course in the last 6 weeks, pick one of the topics listed below, write a 1200 - 1500 word paper describing the topic and recent.
Which statements concerning the interest is true : Which statements concerning the interest is True? From the point of view of an electric utility it's better to receive interest as income than to pay interest
What education tax credit is Jim eligible : Jim spent four years earning his undergraduate degree at a local university. What education tax credit is Jim eligible for in the current year
What rate of return would have earned for the past year : It had an expected yield to maturity of 6.97%. If Janet sold the bond today for $1,160.21, what rate of return would she have earned for the past year?
Major challenges that native americans still face today : 1. What are three policies or actions taken by the federal government that have significant impact today in the daily lives of Native Americans?
Can Ashby and Curtis claim the credit for child : Can Ashby and Curtis claim the credit for child and dependent care expenses for the nursery school expenditure? Why or why not
What is the bond price for nesmith corporation : Nesmith Corporation's outstanding bonds have a $1,000 par value, a 10% semiannual coupon, 11 years to maturity, and a 13% YTM. What is the bond's price?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Emphasize the consequences of actions

American philosopher Joseph Desjardins mentions that human rights theories emphasize the consequences of our actions toward others.

  Compute variances using standard and actual costs

IG009 Accounting Tools and Measures Assignment, Walden University, USA. Compute variances using standard and actual costs

  What is the total variable costs

The association will spend $2,000 on advertising in the campus paper. If the association expects 90 students, what is the total variable costs

  Explain how the historical cost principle applies to plant

Explain how the historical cost principle applies to plant assets. How is the cost for a plant asset measured in a cash transaction

  How do permanent accounts differ from temporary accounts

How do permanent accounts differ from temporary accounts? What four different types of entries are required in closing the books?

  What total amount of bond interest expense will be recognize

The straight-line method is used to allocate interest expense. What total amount of bond interest expense will be recognized over the life of these bonds

  Finding the ending inventory under fifo

Use this information to answer the following question. Beginning inventory 200 units @ $6.00 Purchase-Dec. 100 units @ $12.00 A periodic inventory system is used; ending inventory is 147 units. What is ending inventory under FIFO?

  What is the corporation basis in the contributed assets

What are Molly and Dolly's realized and recognized gains and their bases in the stock received. What is the corporation's basis in the contributed assets

  Explain the basics of accounting

Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.

  Compute the cash payback period

Blossom Corp. is considering the purchase of a piece of equipment that costs $30000. Compute the cash payback period

  What is moss companys portion of the social security taxes

What is Moss Company's portion of the social security taxes for OASDI and HI

  The company bought and paid for 5000000worth of stationery

please show your calculations for each of the followingproblems ten points will be awarded for each correct answer.1.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd