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-In the fall of 2018, Julia went back to school to earn a master of...

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Accounting

-In the fall of 2018, Julia went back to school to earn a master of business degree. She incurred $8,000 of qualified educational expenses and her modified AGI for the year was $50,000. Her Lifetime Learning Credit is

A) $1,000.

B) $1,400.

C) $1,600.

D) $2,500.

-Which one of the following is a refundable credit?

A) child and dependent care credit

B) earned income credit

C) lifetime learning credit

D) credit for the elderly and disabled

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

Charitable contribution of real property with a FMV of $30,000 (adjusted basis $20,000) for which a $30,000 deduction was taken for regular tax.

Research and experimental expenses of $50,000 deducted in full for regular tax.

Fernandos total tax preferences and adjustments equals

A) $5,000.

B) $36,000.

C) $41,000.

D) $45,000.

-The general business credit may not exceed the net income tax minus the greater of the tentative minimum tax or

A) 20% of the net regular tax liability above $20,000.

B) 25% of the net regular tax liability above $20,000.

C) 20% of the net regular tax liability above $25,000.

D) 25% of the net regular tax liability above $25,000.

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