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 2020. They pay $7,000 in 2019 and $7,500 in 2020 for qualified adoption expenses. In 2020, Carl and Jenny have AGI of $150,000.
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a. What is the adoption credit Carl and Jenny can claim in 2020? 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 $219,520?
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a 14300 They may claim the maximum credit of 14300 in 2020 since that is the year the foreign ado...View the full answer
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Related Book For
Income Tax Fundamentals 2021
ISBN: 9780357141366
39th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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