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Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $13,350 for her tuition and fees.
If required, round your computations to the nearest whole value.
Problem a. Assuming Janie's parents have AGI of $170,600, what is the American Opportunity tax credit they can claim for Janie?
Problem b. Assuming Janie's parents have AGI of $68,240, what is the American Opportunity tax credit they can claim for Janie?
Vaughn Manufacturing, On March 1, Year 18, the machine was sold for $82200. What should be the loss recognized from the sale of the machine?
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