Discuss the limitations of the lifetime learning credit. Briefly explain how AGI affects the amount of credit available.
What will be an ideal response?
The lifetime learning credit is limited to $2,000 per taxpayer. The credit starts to phase out when a taxpayer's AGI exceeds $57,000 and $114,000, for single and joint returns, respectively. When the AGI reaches $67,000 and $134,000 for single and joint returns, respectively, the credit is completely phased out.
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Indicate whether the statement is true or false
Interest payment on long–term borrowing is classified as a(n):
a. noncash activity. b. financing activity. c. investing activity. d. operating activity.
An employee cannot be forced to join a labor union if the employer has
a. an open shop. b. a union shop. c. a closed shop. d. either an open shop or a closed shop.
Brenda, a salesperson at a Cabinets & Countertops store, tells D'Antoni, a customer, "Buy your cabinets here, and I'll install them for half of what the store would charge." D'Antoni buys the cabinets, which Brenda in-stalls for half the store's price. Brenda keeps the money. Brenda has breached A) no duty
B) the agent's duty of loyalty. C) the principal's duty of indemnification. D) the agent's duty of obedience.