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Korolek [52]
3 years ago
14

Samantha, who is single and has MAGI of $28,000, was recently employed by an accounting firm. During the year, she spends $2,500

for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $4,200 for tuition and $450 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:
gregori [183]3 years ago
6 0

Answer:

a. CPA exam review course $0

b. Law school expenses $4,000

Explanation:

1a. CPA exam review course will be $0 because the IRS has disallowed any costs that will lead to qualifying for a different trade .

1b. The Law School expenses will be $4,000 . Based on section 222, Samantha is been limited to $4,000 of the tuition paid.

Therefore the balance of $650 is excess tuition $200 + $450 books which will not qualify under the regular education expense deduction due to the negative position of the IRS on law school costs.

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Answer:

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Explanation:

It motivates me to choose it since it can help to make most of the other issues easier to tackle since where there is violent crime, there is usually the other issues stated in the list.

I hope this helps :)

3 0
2 years ago
On November 1, 2019, Davis Company issued $30,000, ten-year, 7% bonds for $29,100. The bonds were dated November 1, 2019, and in
Tcecarenko [31]

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Explanation:

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8 0
3 years ago
Each currency has a changing value relative to other countries. This is referred to as the country’s blank
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3 years ago
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