Which of the Following Is Not True of the Lifetime

question 101

Multiple Choice

Which of the following is not true of the lifetime learning credit?

• A) The credit can be claimed by taxpayers who have graduated from college and are taking professional training courses to improve their job skills.
• B) A taxpayer with multiple dependents can claim a credit for each dependent's qualifying expenses.
• C) The credit is subject to phase out based on the taxpayer's AGI.
• D) It is a nonrefundable credit.

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Definitions:

Limited Liability Partnership

A partnership arrangement in which some or all partners have limited liabilities, protecting personal assets from business debts and liabilities.

Separate Legal Entity

An entity that is legally distinct from its owners or members, capable of having its own rights, duties, and obligations.

Business Organization

An entity formed for the purpose of carrying on commercial enterprise, including corporations, partnerships, and sole proprietorships.

Taxes

Compulsory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.