Write about the topics at Exercise 3-7 Chapt 3 of Effective Writing. Exclude topic #3 American Opportunity Tax Credit and Lifetime Learning Credit. Use Chapt 10 (Memos) as a reference as to proper memo form. This is aone page (81/2" x 11") memo using 12 point font and 1-1/2 space. Upload your document here.

Exercise 3-7(Tax)

Write about the following topics using the techniques covered in this and earlier chapters. Your purpose is to provide a very general explanation to readers who have never heard of these terms or topics. Your answers might range from one to six paragraphs or more, depending on the topic

1. Discuss the concepts of dependency exemption and personal exemption as they apply to the income tax of individuals.

2. Discuss the concept of constructive receipt as it applies to the income tax of individuals

3. Discuss the American Opportunity Tax Credit and the Lifetime Learning Credit, including the requirements of these credits.

4. For individual tax purposes, why is the distintion between deductions for adjusted gross income and deductions from adjusted gross income important?

5. Discuss the Foreign Account Tax Compliance Act. Include an explanation of its requirements and a discussion of the objectives.