45. LO.6 In 2014, Joyce receives a $4,000 distribution from her Coverdell Education Savings Account, which has
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45. LO.6 In 2014, Joyce receives a $4,000 distribution from her Coverdell Education Savings Account, which has a fair market value of $10,000. Total contributions to her CESA have been $7,000. Joyce’s AGI is $25,000.
a. Joyce uses the entire $4,000 to pay for qualified education expenses. What amount should she include in her gross income?
b. Assume instead that Joyce uses only $2,500 of the $4,000 distribution for qualified education expenses. What amount should she include in her gross income?
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Related Book For 
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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