Maria and Vincent,whose Modified AGI Is $169,000,adopted a Little Girl

question 17

Multiple Choice

Maria and Vincent,whose modified AGI is $169,000,adopted a little girl from Mexico which was finalized in 2017.They incurred a total of $16,000 in qualified adoption expenses.What is the amount of adoption credit they can claim in 2017?

• A)$0.
• B)$13,570.
• C)$16,000.
• D)$16,900.

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Definitions:

Invoice Price

The price of goods as listed on the invoice, typically before any discounts, taxes, or additional charges.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including materials, labor, and overhead.

Payment Terms

The conditions under which a seller will complete a sale, typically specifying the period allowed to a buyer to pay off the amount due.