What amount of adoption credit is allowed

Assignment Help Financial Accounting
Reference no: EM132576151

Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,500 in 2018 for adoption-related expenses. The adoption was finalized in early 2019. Marsha received $3,000 of employer-provided adoption benefits. For question (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability.

Question 1: What amount of adoption credit, if any, can Niles and Marsha take in 2019? Answer is $11080. I need help with 2.

Question 2: Using the information in question (a), assume that their modified AGI was $223,000 in 2019. What amount of adoption credit is allowed in 2019? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)

Reference no: EM132576151

Questions Cloud

Find the minimum increase in peso sales : The minimum increase in peso sales of either XY-7 or BD-4 required to offset the increased advertising is
Which of the prizes has the highest present value : How you receive the payments. If the interest rate is 10% per annum, compounded annually, which of the following prizes has the highest present value?
Compute the days sales in receivables at the end of year : Compute the days' sales in receivables at the end of Year 2 and Year 1. Use 365 days and round to one decimal place
How you would complete the transactions in 1960 : How you would complete the following transactions in 1960.
What amount of adoption credit is allowed : What amount of adoption credit is allowed in 2019? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
Characteristics of cohort studies : In other words, what characteristics of cohort studies make them so important in the field of epidemiology?
What is the balance in the investment in account : Down has net income of $320,000 and pays $80,000 of dividends. What is the balance in the investment in account on Fox's financial records at the end of 2020
Prepare balance sheet for the general fund : Prepare Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed
Personal essay assignment : Write on a topic that you are passionate about - The Canadian government handled the Corona Virus pandemic well

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd