Problem 9-57 (LO 9-7)Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,300 in 2020 for adoption-related expenses. The adoption wasfinalized in early 2021. Marsha received $3,250 of employer-provided adoption benefits. For part (a), assume that any adoption creditis not limited by modified AGI or by the amount of tax liability.Required:a. What amount of adoption credit, if any, can Niles and Marsha take in 2021?b. Using the information in part (a), assume hat their modified AGI was $234,000 in 2021. What amount of adoption credit is allowedin 2021?Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.a. Amount of adoption creditb. Amount of adoption creditAmounts

AnswerIncome tax:- Income tax is the tax that an individual is responsible on their earned income.…

Answered: Niles and Marsha adopted an infant boy…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for adoption-related expenses. The adoption was finalized in early 2022. Marsha received $3,430 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2022? Using the information in part (a), assume that their modified AGI was $243,000 in 2022. What amount of adoption credit is allowed in 2022? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Prev Question 3 of 3 Total3 of 3 Visit question mapThis is the last question in the assignment. To submit, use Alt + S. To access other
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