Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea

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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, Carl and Jenny have AGI of $150,000.

a. What is the adoption credit Carl and Jenny can claim in 2018?

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 215,140?

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Mar 02, 2019 06:28 AM

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Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea

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a 13810 They may claim the maximum credit of 13810 in 2018 since that is the year the adoption ...View the full answer

Income Tax Fundamentals 2019

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