Answer:
Option A is correct. i.e $8075.
The taxpayers with AGI of $207,140 to $247,140 in 2018, |
He can only claim a portion of Adoption credit |
Carla and Bob(Adoption credit )=($247,140-$213,140)/40000*9500 |
=$8075 |
68. Carla and Bob finalized an adoption in 2018. Their adoption fees totaled $9,500. They have...
John and Joan pay $16,500 of qualified adoption expenses in 2018 to finalize the adoption of a qualified child. Their AGI is $197,000 for 2018. What is their adoption credit for 2018? a.$13,460 b.$0 c.$13,810 d.$16,500 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...
Problem 7-23 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2018. They pay $7,000 in 2017 and $7,500 in 2018 for qualified adoption expenses. In 2018, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption...
Daddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2017, and $7,500 in 2018. Daddy Warbucks’ AGI for 2018 is $165,000. a. How much is the adoption credit that Daddy Warbucks may claim for 2018 if the adoption becomes final in 2018? b. How much is the adoption credit that Daddy Warbucks may claim for 2018 if the adoption becomes final in 2019? c. How much is the adoption credit...
I need help with this exercise . is it right? thanks you
7.7 23. Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2018. They pay $7,000 in 2017 and $7,500 in 2018 for qualified adoption expenses. In 2018, Carl and Jenny have AGI of $150,000. a. What is the adoption credit Carl and Jenny can claim in 2018? $ 13,8 lo la b. How much credit could...
1. Jennifer gave her interest in a passive activity (fair market value of $75,000 and basis of $60,000) to Harrison. Associated with the interest is a suspended passive activity loss of $8,000. Upon making the gift, the suspended passive activity loss is not deductible to Jennifer, but it will benefit Harrison. True or False 2. Nell records a personal casualty loss deduction of $14,500 for regular income tax purposes (The loss was the result of a Federally-declared disaster.). The loss...
1. Jennifer gave her interest in a passive activity (fair market value of $75,000 and basis of $60,000) to Harrison. Associated with the interest is a suspended passive activity loss of $8,000. Upon making the gift, the suspended passive activity loss is not deductible to Jennifer, but it will benefit Harrison. True or False 2. Nell records a personal casualty loss deduction of $14,500 for regular income tax purposes (The loss was the result of a Federally-declared disaster.). The loss...
Currently Sam and Carla have the only taxi services in a small town. Both Sam and Carla are thinking about discounting their respective fares by 20% to attract more business. The possible outcomes of this game are as follows. First: Sam offers discounts, while Carla does not, which will result in Sam earning $500 in profit and Carla earning $600 in profit. Second: Sam and Carla both offer discounts, which will result in Sam earning $300 in profit and Carla...
HOMEWORK 1: Answer the questions for each of the following situations. Explain cach answer. 1. In 2018 Hugh and Helen adopted an eligible child. This child is a U.S. citizen. In 2017, they paid qualified adoption expenses of $2,000 (not claimed in 2017). In 2018, they paid qualified adoption expenses of $3,500 and their modified AGI was $75,000. The adoption was final in 2018. a. How much is their adoption credit in 2017? b. How much is their adoption credit...
5. Consider the RSA encryption scheme, Alice wants to send a message to Bob. Both Alice and Bob have p= 17,9 = 19. Alice has e=31 and Bob has e=29. a. What is the public key pair used in the transmission? 2 marks b. What is the secret key pair used in the transmission? 4 marks c. Encrypt the message m=111. 4 marks d. Decrypt the resulting ciphertext. 4 marks e. What's the security problem between Alice and Bob? How...
please answer all of these
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1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....