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Bernadette, a longtime client of yours, is an architect and the president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at State University. During 2014, Bernadette spends $2,000 on course tuition to attend such seminars. She also spends another $400 on architecture books during the year. Bernadette’s son is a senior majoring in engineering at the University of the Midwest. During the 2014 calendar year, Bernadette’s son incurs the following expenses: $8,200 for tuition ($4,100 per semester) and $750 for books and course materials. Bernadette’s son, whom she claims as a dependent, lives at home while attending school full-time. Bernadette is married, files a joint return, and has a combined AGI with her husband of $110,000. a. Calculate Bernadette’s education tax credit for 2014
1. Determine the 1) American opportunity credit, and 2) lifetime learning credit.
2. Determine the 1) nonrefundable and 2) refundable education tax credit.
The treasurer of a U.S company has $1,000,000 to invest for 30 days. A 30-day euro deposit yields 2.00 percent. The present exchange rate of € is $1.1550. What is the annualized yield on the dollar deposit in the euro market if the exchange rate of €..
Suppose you have agreed to a bank loan of $120,000, for which the bank charges no fees but 2 points. The quoted interest rate is 0.5% per month. You are required to pay only the accumulated interest each month for the next 36 months, at which point y..
Emerson Equine Supplies earned $72,000 in 2012 and pad dividends of $44,640. The firm had equity of $150,000 at the beginning of the year. At the end of the year, the company had total assets of $195,000. During the year, the company sold no new equi..
Joanne Krol wants to purchase a newer model automobile to replace her rusty 1989 car. The bank where Joanne has a checking account, US Bank, is advertising an annual interest rate of 6.75 percent for a three-year loan on used cars. She cannot alter t..
Consider a trader who receives a bonus equal to 10% of all positive profit generated from trades (but is not charged a negative bonus when year-end cumulative profit is negative). From the perspective of the trader, what is the expected change in his..
What is your age today? (If you do not wish to reveal your actual age, assume that you are 25.) At the beginning of each year, starting today, you put $3,000 in an investment account earning 8% per year and you continue making $3,000 contributions ev..
The NOI for a property is expected to be $100,000 in year 1 and increase 3 percent per year over a five-year holding period. The property value is expected to increased by a total of 15 percent over the same period. Investors require a 12 percent ove..
Patton Paints Corporation has a target capital structure of 25% debt and 75% common equity, with no preferred stock. It’s before-tax cost of debt is 8% and its marginal tax rate is 40%. The current stock price is P0 = $22.50.
Abner Corporation’s bond mature in 24 years and pay 9 percent interest annually. If you purchase the bonds for $925, what is your yield to maturity? Your yield to maturity on the Abner bonds is __%(Round to two decimals places)
When estimating the cost of debt to use in the WACC, which of the following types of debt should be included?
Company A's historical returns for the past three years are: 6.0%, 15%, and 15%. Similarly, the market portfolio's returns were: 10%, 10%, and 16%. Suppose the risk-free rate of return is 4%. What is the cost of equity capital (required rate of retur..
You have your choice of two investment accounts. Investment A is a 6-year annuity that features end-of-month $2,600 payments and has an interest rate of 9 percent compounded monthly. Investment B is an annually compounded lump-sum investment with an ..
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