Jeffery and Cassie,who Are Married with Modified AGI of $90,000,are

question 101

Multiple Choice

Jeffery and Cassie,who are married with modified AGI of $90,000,are sending their son to his first year of college.Their total tuition and related payments during 2019 amounted to $5,500.They have not taken advantage of any other type of tax benefit related to educational expenses.Their American Opportunity Tax Credit for 2019 is

• A)$1,500.
• B)$2,000.
• C)$2,500.
• D)$5,000.

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Definitions:

Money

A medium of exchange, a unit of account, and a store of value, used to facilitate the sale, purchase, or trade of goods and services.

Zero-Sum Game

A situation in economic theory where one participant's gains result entirely from another participant's equivalent losses.

Exploitation

The act of using someone or something unfairly for one's own advantage, often without proper compensation.

Barter

The direct exchange of goods or services for other goods or services without the use of money.