Which of the Following Is Not a True Statement About

question 145

Multiple Choice

Which of the following is not a true statement about the American opportunity credit (AOC) and lifetime learning credits (assume the 2016 rules apply for the qualified education expense deduction) ?

• A) A taxpayer may not report both an AOC and a lifetime learning credit on the same tax return.
• B) Certain educational expenses qualify for both credits but taxpayers must claim one credit or the other for the expenditures (the taxpayer cannot claim both credits for the same expenditures).
• C) Taxpayers may choose to either (1) deduct qualifying education expenses of an individual as for AGI deductions or (2) claim educational credits for the individual's expenses (but not both)
• D) The AGI phase-out threshold for phasing out the AOC is higher than the AGI phase-out threshold for the lifetime learning credit.

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Definitions:

Past Practices

Historical ways of doing things within an organization, used as a reference for decision-making and policy development.

Labour Relations Statutes

Laws that govern the relationship between employers, employees, and their unions, including rights and obligations.

Good Faith

The principle of acting with honesty, fairness, and sincerity without any intention to deceive or defraud.

Rand Formula

A labor relations policy that requires all workers in a bargaining unit to pay union dues, regardless of their membership status, to ensure fairness in union representation.