Amy Withdrew $3,000 from Her Qualified Tuition Plan to Pay

question 107

True/False

Amy withdrew $3,000 from her qualified tuition plan to pay for a spring break trip to Cancun.The full $3,000 withdrawal is both included in income and subject to a 10% penalty.

---

Definitions:

Photorespiration

The process that reduces the efficiency of photosynthesis in C3 plants during hot spells in summer; consumes oxygen and produces carbon dioxide through the degradation of Calvin cycle intermediates.

Rubisco

An enzyme that catalyzes the first step of carbon fixation in the process of photosynthesis.

Calvin Cycle

A biochemical process in plants, algae, and cyanobacteria which converts carbon dioxide and water into organic compounds, especially sugars, using ATP and NADPH produced in photosynthesis.

Glucose

An elementary sugar that is critical for energy production in living things and is included in a wide range of carbohydrates.