Author Question: Lee and Whitney incurred qualified adoption expenses in 2015 of $2,000, and then incurred $7,000 ... (Read 46 times)

khang · **on:** Sep 13, 2020

Question 1

Layla earned $20,000 of general business credits from her sole proprietorship. Her regular tax liability is $45,000, and her tentative minimum tax is $49,000. During the current year Layla will apply general business credits of
◦ $0.
◦ $4,000.
◦ $20,000.
◦ $45,000.

Question 2

Lee and Whitney incurred qualified adoption expenses in 2015 of $2,000, and then incurred $7,000 more in 2016 when the adoption of their child became final. Their 2015 AGI was $120,000 and their 2016 AGI was $140,000. The allowable adoption credit is
◦ $ 7,000 in 2016.
◦ $ 9,000 in 2016.
◦ $13,460 in 2015.
◦ $2,000 in 2015 and $7,000 in 2016.

Ashley I · **Reply #1 on:** Sep 13, 2020

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