Glen and Kelly have two children, Ben, age 14, and Cody, age 20.The medical...
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Accounting
Glen and Kelly have two children, Ben, age 14, and Cody, age 20.The medical expenses and net income for each member of the family for the current year is as follows: Medicals Net income Glen $ 2,000 $100,000 Kelly 3,000 40,000 Ben 600 500 Cody 12,000 9,000 All of the medical expenses were paid by Glen in the 12-month period ending December 31. Determine the maximum medical expense credit for the current year. Income tax reference: ITA 118.2(1)
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