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 2019. They pay $7,000 in 2018 and $7,500 in 2019 for qualified adoption expenses. In 2019, Carl and Jenny have AGI of $150,000.

a. What is the adoption credit Carl and Jenny can claim in 2019?

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 $217,160?

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Income Tax Fundamentals 2020

ISBN: 9780357108239

38th Edition

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

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Question Posted: Aug 24, 2020 09:02 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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Part A As per Topic 607 of IRS if MAGI amount is below 211160 f...View the full answer

Income Tax Fundamentals 2020

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