JCP Sold a Pair of Pants That Was Reduced by $12.00

question 54

Short Answer

JCP sold a pair of pants that was reduced by $12.00. The selling price was $48.00. What was the original price?

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Definitions:

Contributions Credit

A tax credit that may be received for certain contributions made to retirement accounts or charitable organizations, aimed at reducing the taxpayer's overall tax liability.

IRA

Individual Retirement Account, a saving tool for individuals to allocate funds for retirement with tax advantages.

American Opportunity Tax Credit

A rebate on legitimate educational expenditures for a qualifying student throughout the first four years of their university or college education.

Qualified Expenses

Expenses eligible for tax deduction or credit, typically in the context of education, healthcare, or investments.