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Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,500 in 2020 for adoption-related expenses. The adoption was finalized in early 2021. Marsha received $4,000 of employer-provided adoption benefits. For part (, assume that any adoption credit is not limited by modified AGI or by the emount of tax liability. Required: a. What amount of adoption credit, if any, can Niles and Marsha take in 2021? b. Using the information in part (a), assume thet their modified AGI was $223,000 in 2021. What amount of adoption credit is allowed in 20217 Note: Do not round Intermedlate calculations. Round your final answer to the nearest whole dollar amount. Amounts a Amount of adoption credit D. Amount of adoption credit

Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,500 in 2020 for adoption-related expenses. The adoption was finalized in early 2021. Marsha received $4,000 of employer-provided adoption benefits. For part (, assume that any adoption credit is not limited by modified AGI or by the emount of tax liability. Required: a. What amount of adoption credit, if any, can Niles and Marsha take in 2021? b. Using the information in part (a), assume thet their modified AGI was $223,000 in 2021. What amount of adoption credit is allowed in 20217 Note: Do not round Intermedlate calculations. Round your final answer to the nearest whole dollar amount. Amounts a Amount of adoption credit D. Amount of adoption credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Niles and Marsha adopted an infont boy (a U.S. citizen). They paid $15,500 in 2020 for adoption-related expenses. The adoption was finalized in early 2021. Marsha received $4,000 of employer-provided adoption benefits. For part (, assume that any adoption credit is not limited by modified AGI or by the emount of tax liability. Required: a. What amount of adoption credit, if any, can Niles and Marsha take in 2021? b. Using the information in part (a), assume thet their modified AGI was $223,000 in 2021. What amount of adoption credit is allowed In 2021? Note: Do not round Intermedlate calculations. Round your final answer to the nearest whole dollar amount. Amounts a Amount of adoption credit D.Amount of adoption credit
Transcribed Image Text:Niles and Marsha adopted an infont boy (a U.S. citizen). They paid $15,500 in 2020 for adoption-related expenses. The adoption was finalized in early 2021. Marsha received $4,000 of employer-provided adoption benefits. For part (, assume that any adoption credit is not limited by modified AGI or by the emount of tax liability. Required: a. What amount of adoption credit, if any, can Niles and Marsha take in 2021? b. Using the information in part (a), assume thet their modified AGI was $223,000 in 2021. What amount of adoption credit is allowed In 2021? Note: Do not round Intermedlate calculations. Round your final answer to the nearest whole dollar amount. Amounts a Amount of adoption credit D.Amount of adoption credit
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