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Nuetrik [128]
3 years ago
14

Samantha, who is single and has MAGI of $36,000, recently was employed by an accounting firm. During the year, she spends $1,650

for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $4,275 for tuition and $900 for books (which are not a requirement for enrollment in the course).
Assuming no reimbursement, how much can Samantha deduct for the:

a. CPA exam review course? $X

b. Law school expenses? $X
Business
1 answer:
jek_recluse [69]3 years ago
7 0

Answer:

a) $0

b) $4,000

Explanation:

a)

No deduction will be allowed to samantha for the amount spent on CPA exam review course.

So, Samantha can deduct $0.

b)

Under section 222 of IRS Code, maximum amount of deduction allowed to tax payer (whose adjusted gross income is less than $65,000) on account of tuition fees and other education expenses is $4,000.

So, Samantha can deduct $4,000.

Hope this helps!

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Why is strategic planning important?

For firms, organisational direction and goals are crucial. Strategic planning offers that kind of guidance. A strategic plan essentially serves as a roadmap for accomplishing organisational goals. It is impossible to tell if a company is on track to achieve its goals without such guidance.

The following four factors should be taken into account when creating a strategy.

1) The mission

2) The goals

3) Alignment with short-term goals.

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What are the steps in the strategic planning process?

Depending on the sort of business and the level of granularity necessary, there are a plethora of different approaches to strategic planning. These five steps can be used to outline most strategic planning cycles:

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3) Develop

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4 0
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Answer:

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Explanation:

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How can a court determine when a particular nickname for a branded product has entered into common use?
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Katen [24]

Answer:

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