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William and Mary Shaw are married, file a joint tax return, and have one dependent child, Donna. The Shaws report modified AGI of $90,000. The couple paid $12,000 of tuition and $10,000 for room and board for Donna, a full-time first-year student at Weston College and claimed as a dependent by William and Mary. Determine the amount of the Shaws' American Opportunity credit for the year. $2,000 $1,000 $2,500 O $4,000

William and Mary Shaw are married, file a joint tax return, and have one dependent child, Donna. The Shaws report modified AGI of $90,000. The couple paid $12,000 of tuition and $10,000 for room and board for Donna, a full-time first-year student at Weston College and claimed as a dependent by William and Mary. Determine the amount of the Shaws' American Opportunity credit for the year. $2,000 $1,000 $2,500 O $4,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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William and Mary Shaw are married, file a joint tax return, and have one dependent child, Donna. The Shaws report modified AGI of $90,000. The couple paid $12,000 of tuition and $10,000 for room and board for Donna, a full-time first-year student at Weston College and claimed as a dependent by William and Mary. Determine the amount of the Shaws' American Opportunity credit for the year. $2,000 $1,000 $2,500 O $4,000
Transcribed Image Text:William and Mary Shaw are married, file a joint tax return, and have one dependent child, Donna. The Shaws report modified AGI of $90,000. The couple paid $12,000 of tuition and $10,000 for room and board for Donna, a full-time first-year student at Weston College and claimed as a dependent by William and Mary. Determine the amount of the Shaws' American Opportunity credit for the year. $2,000 $1,000 $2,500 O $4,000
Keith and Bill exchange land that qualifies as like kind under sec. 1031. Since Keith's land (adjusted basis of $120,000) is worth $200,000 and Bill's land is worth only $180,000, Bill also gives Keith cash of $20,000. What is Keith's recognized gain? $20,000 $30,000 $120,000 $80,000 $0
Transcribed Image Text:Keith and Bill exchange land that qualifies as like kind under sec. 1031. Since Keith's land (adjusted basis of $120,000) is worth $200,000 and Bill's land is worth only $180,000, Bill also gives Keith cash of $20,000. What is Keith's recognized gain? $20,000 $30,000 $120,000 $80,000 $0
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