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marin [14]
3 years ago
11

Steve goes to Tri-State University and pays $40,000 in tuition. Steve works to pay for his schooling and has an AGI of $37,000.

Business
1 answer:
Lemur [1.5K]3 years ago
6 0

Answer:

His American Opportunity tax credit is $2,500.

Explanation:

A taxpayer who has a modified adjusted gross income of $80,000 or less can claim the credit for the qualified expenses of an eligible student.

Taxpayers will receive a tax credit based on 100% of the first $2,000, plus 25% of the next $2,000 that is paid during the taxable year for tuition, fees and course materials and also, 40% of the credit (up to $1,000) is refundable.

Therefore, His American Opportunity tax credit is $2,500.

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5 0
3 years ago
A contingent liability which should be disclosed on the balance sheet but does not require footnote disclosure. (true/false)
expeople1 [14]

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability.

<h3>What is contingent liability?</h3>

A responsibility or possible loss that could materialize in the future based on how a particular occurrence plays out is known as a contingent liability. Contingent liability can take the form of pending investigations, product warranties, and potential lawsuits. Liabilities that may be incurred by a company dependent on the result of an uncertain future event, such as the result of an ongoing lawsuit, are known as contingent liabilities.

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To learn more about contingent liability refer to:

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4 0
1 year ago
Which of the following statements is true regarding the cumulative translation adjustment? Select one: Changes in the cumulative
vaieri [72.5K]

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The true statement is "The cumulative translation adjustment account affects the amount of gain or loss reported upon the sale of a foreign subsidiary".

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3 years ago
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Maaf lah bila tak saya tulis kat sini, sebab tak boleh hantar jawaban.

<em>Semoga </em><em>membantu </em><em>dan </em><em>bermanfaat </em><em>:</em><em>)</em>

3 0
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three

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