Reference no: EM133099431

Questions -

Q1) John, a single father, has AGI of $83,000 in 2020. During the year, he pays $4,000 in qualified tuition for his dependent son, who just started attending Small University. What is John's American Opportunity credit for 2020?

a) 2,500

b) 1,750

c) 2,250

d) 0

e) 4,000

Q2) Taxpayer L has income of $55,000 from Norway, which imposes a 40 percent income tax, and income of $45,000 from France, which imposes a 30 percent income tax. L has additional taxable income from U.S. sources of $200,000 and U.S. tax liability before credits of $105,000. What is the amount of the foreign tax credit? Do not round any division in your computations. If required, round your answer to the nearest dollar.

a) 16,500

b) 35,500

c) 35,000

d) 100,000

e) 45,000