Samuel's tuition and fees for the past year totaled $12,000. Of these costs, $9,000 were paid by a withdrawal by his parents from a 529 account and the remainder was borrowed by Samuel. Which of the following tax issues is true? O A an American Opportunity tax credit of 52.250 may be taken. O B. an American Opportunity tax credit of $2.500 may be taken. OC Samuel can take a Lifetime Learning credit of $2,000 OD. a student loan interest deduction may be taken this year on implicit interest even if the actual interest payment is deferred until after he graduates
Samuel's tuition and fees for the past year totaled $12,000. Of these costs, $9,000 were paid by a withdrawal by his parents from a 529 account and the remainder was borrowed by Samuel. Which of the following tax issues is true? O A an American Opportunity tax credit of 52.250 may be taken. O B. an American Opportunity tax credit of $2.500 may be taken. OC Samuel can take a Lifetime Learning credit of $2,000 OD. a student loan interest deduction may be taken this year on implicit interest even if the actual interest payment is deferred until after he graduates
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Samuel's tuition and fees for the past year totaled $12,000. Of these costs, $9,000 were paid by a withdrawal by his parents from a 529 account and the
remainder was borrowed by Samuel. Which of the following tax issues is true?
O A. an American Opportunity tax credit of $2,250 may be taken.
B. an American Opportunity tax credit of $2.500 may be taken.
C. Samuel can take a Lifetime Learning credit of $2,000
O D. a student loan interest deduction may be taken this year on implicit interest even if the actual interest payment is deferred until after he graduates.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64dfe92f-bc7e-49e7-9490-00df32382eec%2F5ec01b87-94fa-4f4e-b425-8935729dfbfb%2F32ujufj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Samuel's tuition and fees for the past year totaled $12,000. Of these costs, $9,000 were paid by a withdrawal by his parents from a 529 account and the
remainder was borrowed by Samuel. Which of the following tax issues is true?
O A. an American Opportunity tax credit of $2,250 may be taken.
B. an American Opportunity tax credit of $2.500 may be taken.
C. Samuel can take a Lifetime Learning credit of $2,000
O D. a student loan interest deduction may be taken this year on implicit interest even if the actual interest payment is deferred until after he graduates.
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