Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $17,755 in 2022 for adoption-related expenses. The adoption was finalized in early 2023. Marsha received $4,000 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: a. What amount of adoption credit, if any, can Niles and Marsha take in 2023? b. Using the information in part (a), assume that their modified AGI was $257,500 in 2023. What amount of adoption credit is allowed in 2023? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Amounts a. Amount of adoption credit $ 11,500 b. Amount of adoption credit
Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $17,755 in 2022 for adoption-related expenses. The adoption was finalized in early 2023. Marsha received $4,000 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: a. What amount of adoption credit, if any, can Niles and Marsha take in 2023? b. Using the information in part (a), assume that their modified AGI was $257,500 in 2023. What amount of adoption credit is allowed in 2023? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Amounts a. Amount of adoption credit $ 11,500 b. Amount of adoption credit
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 3BCRQ
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Transcribed Image Text:Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $17,755 in 2022 for adoption-related expenses. The
adoption was finalized in early 2023. Marsha received $4,000 of employer-provided adoption benefits. For part (a), assume
that any adoption credit is not limited by modified AGI or by the amount of tax liability.
Required:
a. What amount of adoption credit, if any, can Niles and Marsha take in 2023?
b. Using the information in part (a), assume that their modified AGI was $257,500 in 2023. What amount of adoption credit is
allowed in 2023?
Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
Amounts
a. Amount of adoption credit
$
11,500
b. Amount of adoption credit
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