Author Question: Indie Corporation purchases a building for use in its business at a cost of $100,000. The building ... (Read 109 times)

shenderson6 · **on:** Sep 13, 2020

Question 1

In the fall of 2016, James went back to school to earn a master of accountancy degree. He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000. His Lifetime Learning Credit is
◦ $1,000.
◦ $1,400.
◦ $1,800.
◦ $2,500.

Question 2

Indie Corporation purchases a building for use in its business at a cost of $100,000. The building was built in 1900 and is a certified historic structure. Indie spends $150,000 on qualifying renovations certified as consistent with the buildings character. Indie will earn a rehabilitation (historic) tax credit of
◦ $15,000.
◦ $30,000.
◦ $25,000.
◦ $50,000.

ebonylittles · **Reply #1 on:** Sep 13, 2020

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