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  61) Warren and Erika paid $9,300 in qualified expenses for

Question :   61) Warren and Erika paid $9,300 in qualified expenses for : 2125630

 

61) Warren and Erika paid $9,300 in qualified expenses for their son, Cash, to attend the University of Washington. Cash is in his first year of college and attended full-time. How much is Warren and Erika's American opportunity tax credit, without regard to any AGI limitation?

A) $0.

B) $1,800.

C) $2,500.

D) $9,300.

62) Gina has $39,000 total taxable income, which includes $6,000 of taxable income from Argentina. She paid $1,200 in foreign income taxes and her U.S. tax liability is $3,610. Gina's foreign tax credit is: (Do not round interim calculations)

A) $0.

B) $450.

C) $555.

D) $1,200.

63) Which of the following conditions must be met for a taxpayer to be able to claim the foreign tax credit without filing Form 1116?

A) All of the foreign-source income is passive income.

B) Total foreign taxes paid were less than $300 ($600 if married filing jointly).

C) Taxpayer is not subject to foreign tax limitation rules.

D) All of these must be met.

64) Tina has $93,000 total taxable income, which includes $18,000 of taxable income from Japan. She paid $2,200 in foreign income taxes and her U.S. tax liability is $19,610. Tina's foreign tax credit is: (Do not round interim calculations)

A) $0.

B) $2,200.

C) $3,795.

D) $18,000.

65) Max paid $2,500 in foreign income taxes to Peru. His total income was $65,000, which included $9,000 of foreign income. His U.S. tax liability is $17,750. How much can Max claim as foreign tax credit? (Do not round interim calculations.)

A) $2,458.

B) $2,500.

C) $3,350.

D) $9,000.

 

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