5. Married taxpayers filing jointly have three children in college. Sam, a freshman, has 3,400 in tuition expenses during 2022. John, a junior, has $3,000 in tuition expenses. Dave, who is in graduate school, has $9,000 in tuition expenses. The parents paid all the tuition expenses during 2022. The parents' AGI does not exceed the relevant phaseout limits. What amount of education credit will be allowed on the parents' 2022 tax return? a. $5,800 b. $8,200 c. $6,800 d. $6,400 e. $0 6. A taxpayer's building was partially destroyed by a fire. The building had an adjusted basis of $350,000, and its fair market value was $700,000 just before the fire and $400,000 immediately after the fire. The taxpayer received $225,000 in insurance proceeds and deducted a $75,000 casualty loss. What is taxpayer's basis in the building based on the information above? a. $0 b. $350,000 C. $400,000 d. $300,000 e. $50,000 2