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 2014. They pay $6,000 in 2013 and $7,500 in 2014 of qualified adoption expenses. In 2014, Carl and Jenny have AGI of $150,000.
a. What is the adoption credit Carl and Jenny can claim in 2014? $ ________________________
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 located the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

Question Posted: