1) In the fall of 2015, Gina went back to school to earn a master of taxation degree. She incurred $7,000 of qualified educational expenses and her modified AGI for the year was $57,000. Her Lifetime Learning Credit is : A) 280, B) 2,500 C)1,400 D) 1,120.

2) Nonrefundable tax credits:

A) can be carried back two years and carried forward 15 years if they exceed tax liability in the current year.

B) allow the excess over the taxpayer's tax liability to be paid to the taxpayer.

C) may only be used if the taxpayer is receiving a refund.

D) only offset a taxpayer's tax liability.

3)

Suzanne, a single taxpayer, has the following tax information for the current year.

Charitable contribution of real property with a FMV of $25,000 (adjusted basis $20,000) for which a $25,000 deduction was taken for regular tax.

.Research and experimental expenses of $40,000 deducted in full for regular tax.

Suzanne's total tax preferences and adjustments equals: A) 41,000 B) 36,000 C) 5,000 D) 45,000