Mutiple ChoiceAbel and Loni adopted a boy (a US citizent during the current tax year and incurred a total of $15,675 in qualified adoption expenses Abel and Lani have modified AG of $230,000. What is the amount ofadoption credit they can take?O$13,093$14.890$5.675Save$12,411Help Save & Ex

The federal government offers a non-refundable adoption tax credit to help adoptive parents cover…

Abel and Loni adopted a boy (a US citizen) during the current tax year and incurred a total of $15,675 in qualified adoption expenses Abel and Loni have modified AG of $230,000. What is the amount of adoption credit they can take?

Abel and Loni adopted a boy (a US citizen) during the current tax year and incurred a total of $15,675 in qualified adoption expenses Abel and Loni have modified AG of $230,000. What is the amount of adoption credit they can take?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 18MCQ

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Mutiple Choice
Abel and Loni adopted a boy (a US citizent during the current tax year and incurred a total of $15,675 in qualified adoption expenses Abel and Lani have modified AG of $230,000. What is the amount of
adoption credit they can take?
O
$13,093
$14.890
$5.675
Save
$12,411
Help Save & Ex

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