Examlex
Sam paid the following expenses during October 2017 for his son Aaron's spring 2018 college expenses: Spring 2018 semester begins in January 2018: In addition,Aaron's uncle paid $500 for college fees on behalf of Aaron directly to the college.Aaron is claimed as Sam's dependent on his tax return.How much of the paid expenses qualify for purposes of the education credit deduction for Sam in 2017?
Consideration
Something of value that is exchanged between parties in a contract, making the agreement legally binding.
Personal Defense
A defense that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC. Personal defenses are also called limited defenses.
HDC
Stands for Holder in Due Course, referring to a party that has acquired a negotiable instrument for value, in good faith, and without notice of any defects.
Primarily Liable
The entity or individual who holds the main responsibility for fulfilling an obligation or compensating for a loss.
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