2 Samuel's tuition and fees for the past year totaled $12,000. Of these costs, $9,000 were paid by a withdrawal by his parents from a 529 account and theremainder was borrowed by Samuel. Which of the following tax issues is true?O A. an American Opportunity tax credit of $2,250 may be taken.B. an American Opportunity tax credit of $2.500 may be taken.C. Samuel can take a Lifetime Learning credit of $2,000O D. a student loan interest deduction may be taken this year on implicit interest even if the actual interest payment is deferred until after he graduates.

Here in this situation Samuel incurred the tuition fees for $12000. Out of this $12000 Parents…

Samuel's tuition and fees for the past year totaled $12,000. Of these costs, $9,000 were paid by a withdrawal by his parents from a 529 account and the remainder was borrowed by Samuel. Which of the following tax issues is true? O A an American Opportunity tax credit of 52.250 may be taken. O B. an American Opportunity tax credit of $2.500 may be taken. OC Samuel can take a Lifetime Learning credit of $2,000 OD. a student loan interest deduction may be taken this year on implicit interest even if the actual interest payment is deferred until after he graduates

Samuel's tuition and fees for the past year totaled $12,000. Of these costs, $9,000 were paid by a withdrawal by his parents from a 529 account and the remainder was borrowed by Samuel. Which of the following tax issues is true? O A an American Opportunity tax credit of 52.250 may be taken. O B. an American Opportunity tax credit of $2.500 may be taken. OC Samuel can take a Lifetime Learning credit of $2,000 OD. a student loan interest deduction may be taken this year on implicit interest even if the actual interest payment is deferred until after he graduates

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 69P

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