Which of the Following Statements Is Not True Regarding the Education

question 21

Multiple Choice

Which of the following statements is not true regarding the education credits?

• A)The American opportunity tax credit is only available for the first two years of postsecondary education.
• B)The lifetime learning credit is limited to $2,000 per taxpayer per year.
• C)The American opportunity tax credit is limited to $2,500 per student per year.
• D)A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction.

---

Definitions:

Selling Price

The price at which a product or service is sold to customers, determining the revenue generated from sales.

Retailer's Cost

The price a retailer pays to procure goods for sale, not including additional expenses like marketing or distribution.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, resulting in the retail price.

Retailer

A business or person that sells goods to the consumer, as opposed to a wholesaler or supplier.