Carl and Jenny adopt a Russian orphan. The adoption takes 2 years and two trips to Russia
Question:
Carl and Jenny adopt a Russian orphan. The adoption takes 2 years and two trips to Russia and is finalized in 2013. They pay $6,000 in 2012 and $7,500 in 2013 of qualified adoption expenses. In 2013, Carl and Jenny have AGI of $150,000.
a. What is the adoption credit Carl and Jenny can claim in 2013? $_____________
b. How much credit could they claim if the adoption falls through and is never finalized?
c. How much credit could they claim if their AGI was $200,500?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
a 12970 They may claim the maximum credit of 12970 in 2013 since that is the year the adoption ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Income Tax Fundamentals 2014
ISBN: 9781285424545
32nd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Question Posted:
Students also viewed these Accounting questions
-
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,...
-
A German seller brought a claim against a Russian buyer because the buyer failed to pay for the equipment supplied to the buyer pursuant to their contract. The buyer acknowledged it had received the...
-
Carl Patterson likes investing in stocks that pay dividends. Carl owns 25 shares of a local utility company. The stock pays a regular annual dividend in the amount of $3.00 per share and the company...
-
Why is it that I got 0 Row with nothing showing up? Is there a flow in my logic? Using AdventureWorks DW2017, list all the Canadian customers who have spent more than $5,000 total. Show Customerkey,...
-
How does a futures contract differ from a forward contract?
-
George Oshana and GTO Investments, Inc., operated a Mobil gas station franchise in Itasca, Illinois. In 2010, Oshana and GTO became involved in a rental dispute with Buchanan Energy, to which Mobil...
-
True or False: If \(E R R>M A R R\), then MIRR \(>\) MARR.
-
Partridge Theatre Inc. owns and operates movie theaters throughout Texas and Oklahoma. Partridge Theatre Inc. has declared the following annual dividends over a six year period: 2009, $18,000; 2010,...
-
What is the interest earned on $350 invested 4 years at a 5% simple interest?If I put $1500 into my savings account and earned $180 of interest at 4% simple interest, how long was my money in the...
-
A thin steel plate with the profile shown below is subjected to an axial load. Approximate the deflection and the average normal stresses along the plate using the model shown in the figure. The...
-
Janie graduates from high school in 2013 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie's parents have AGI of $170,000, what is the American...
-
Brian and Kim have a 12-year-old child, Stan. For 2013, Brian and Kim have taxable income of $52,000, and Stan has non-qualifying dividend income of $4,500 and investment expenses of $250. No...
-
Does it make sense for organizations to move their e-mail and calendaring services off their own machines and pay Google, Microsoft, or someone else to run them? Why or why not? Has your university...
-
What is the NPV of this project if the required rate of return is 12%? Year Cash Flows 0 -1,000,000 1 200,000 2 400,000 3 300,000 4 700,000 a. $127,487.98 b. $100,173.26 c. $155,845.71 d. $185,298.25...
-
Acme produces anvils using labor (L) and capital (K) according to the production function Q= f(L,K)=LK with associated marginal products MPL=K, MP K =L. The price of labor is w=2 and the price of...
-
1. Jae earns an annual salary of $86,600 and is paid semi-monthly. He is expected to work 37.50 hours per week and is entitled to time and a half for any overtime hours worked a. What is his regular...
-
Atlanta Corporation, a domestic corporation, had the following data for the years 2022 and 2023: 2022 2023 Sales P 10,000,000 P 15,000,000 Cost of sales 4,000,000 6,000,000 Deductible expenses...
-
A-2 C point charge lies on the x-axis a distance of 1 meter from an infinite non- conducting sheet of charge with a uniform surface charge density o = 1 C/m which lies in the yz-plane as shown in the...
-
Alice purchases a rental house on August 22, 2019, for a cost of $174,000. Of this amount, $100,000 is considered to be allocable to the cost of the home, with the remaining $74,000 allocable to the...
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
In 2014, Gale and Cathy Alexander hosted an exchange student, Axel Muller, for 9 months. Axel was part of International Student Exchange Programs (a qualified organization). Axel attended tenth grade...
-
John Williams (age 42) is a single taxpayer, and he lives at 1324 Forest Dr., Reno, NV 89501. His Social Security number is 555949358. Johns earnings and withholdings as the manager of a local casino...
-
Bea Jones (age 32) moved from Texas to Florida in December 2013. She lives at 654 Ocean Way, Gulfport, FL 33707. Beas Social Security number is 466787359 and she is single. Her earnings and income...
-
Five resistors with known resistances R = 5.00 2, R2 = 5.00 2, R3 = 3.00 Q2, R4 = 5.00 Q, and R5 = 5.00 Q are connected to a battery with emf = 7.00 V as shown in the figure. Please answer in Sl...
-
Aspen Company's non-callable bonds currently sell for $905. They have a 15-year maturity, an annual coupon of $70, and a par value of $1,000. What is their yield to maturity? Your answer should be...
-
Vail Resorts, Inc., owns and operates 11 premier year-round ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, Vermont, and Australia). The...
Study smarter with the SolutionInn App