George receives a $1,500 distribution from his educational savings account. He uses $1,200 to pay for qualified
Question:
George receives a $1,500 distribution from his educational savings account. He uses $1,200 to pay for qualified higher education expenses. Immediately prior to the distribution, George’s account balance is $5,000, $3,000 of which is his contributions. What is George’s tax-free return of capital from the distribution?
a. $1,500
b. $1,200
c. $900
d. $750
e. $600
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
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 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted:
Students also viewed these Business questions
-
1. Gina receives a $2,000 distribution from her educational savings account. She uses $1,600 to pay for qualified higher education expenses and $400 on a vacation. Immediately prior to the...
-
George owns 1,000 shares of ABC common stock and 3,000 shares of Brightstar mutual fund. George elects to participate in Brightstar's dividend reinvestment plan, reinvesting his annual dividends and...
-
Assume that the taxpayers, George A. Warden (social security number 333-33-3330) and Mary S. Warden (social security number 444-44-4440) file a joint return. Both are 50-years old, have good...
-
Net sales revenue, net income, and common stockholders' equity for Vallen Optical Corporation, a manufacturer of contact lenses, follow for a four-year period. Requirements 1. Compute trend...
-
Using the transactions in PA5-1, complete the following table by indicating the sign of the effect (+ for increase, - for decrease, NE for no effect, and CD for cannot determine) of each transaction....
-
A circle C has equation x 2 + y 2 + 12x + 2y = k, where k is a constant. a. Find the coordinates of the centre of C. b. State the range of possible values of k.
-
In June 2003 and November 2005, The Four County Bank provided financing for the purchase of two different pieces of foresting equipment known as Tigercats by Shepherd Brothers Timber Company. Four...
-
The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In...
-
What is the value of zero - coupon bond with a par value of $ 1 , 0 0 0 and a yield to maturity of 3 % ? The bond has 1 3 years to maturity. Provide the steps to solving this problem using a...
-
Accounting Today identified the top accounting firms in 10 geographic regions across the United States. Even though all 10 regions reported growth in 2011, the Southeast and Gulf Coast regions...
-
In 2018, Van receives $20,000 (of which $4,000 is earnings) from a qualified tuition program. He uses the funds to pay for his college tuition and other qualified higher education expenses. How much...
-
Jose paid the following amounts for his son to attend Big State University in 2018: Tuition ......................$6,400 Room and board...................... 4,775 Books...................... 772 A...
-
A tsunami of wavelength 250 km and velocity 750 km/h travels across the Pacific Ocean. As it approaches Hawaii, people observe an unusual decrease of sea level in the harbors. Approximately how much...
-
Think about the information you will need to build your business model using the nine segments of the business model canvas (BMC). Also keep in mind that for your elevator pitch in Milestone One, you...
-
1.Employee morale is not very important since low morale can still lead to high productivity. Cleary state and defend your position. 2. Describe some of the causes and consequences of low morale in...
-
For Siemens Canada, the launch of the Digital factory as a part of Vision 2020 denoted a high-tech resurgence. For many years, the company had been involved in enabling its industrial customers to go...
-
How is spatial data used in business administration (i.e., for what purposes?) What spatial decisions are needed in business administration that rely on GIS? What are the benefits of GIS in...
-
Demonstrate why leaders should practice concepts from Robert Coles Principles of an Empowered Workplace to empower their employees.
-
How do industry practices and cost-benefit constraints impact financial reporting?
-
The value of a share of common stock depends on the cash flows it is expected to provide, and those flows consist of the dividends the investor receives each year while holding the stock and the...
-
A taxpayers rights are explained in: a. Publication 5 b. Publication 17 c. Publication 556 d. Publication 1 e. None of the above
-
Taxpayers have the right to have an IRS examination take place at: a. The IRS office b. Any city of the taxpayers choosing c. A neutral site d. A reasonable time and place e. None of the above
-
If a U.S. Tax Court agrees with the taxpayer on appeal that the IRS position was largely unjustified, which of the following is correct? a. The taxpayer must still pay administrative and litigation...
-
3. If tolerable misstatement as percentage of 630,000 population value is 5% and and Confidence factor is 3.68 Calculate sampling interval (1 Point) 8560 31500 63.7 73.6 4. Increasing ARIA leading to...
-
List 3 factors that officers rely on to evaluate H&C applications.?
-
On its income statement for the year, Crescent Ltd. reported $100,000 of selling and administrative expenses, which included $20,000 in depreciation expense. During the year prepaid expenses...
Study smarter with the SolutionInn App