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Author Question: Indie Corporation purchases a building for use in its business at a cost of $100,000. The building ... (Read 90 times)

shenderson6

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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.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by shenderson6 on Sep 13, 2020

ebonylittles

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Reply #1 on: Sep 13, 2020
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shenderson6

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

miss.ashley

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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