Refunds of College or University Tuition or Fees Should Be

question 4

Essay

Refunds of college or university tuition or fees should be recorded as expenses in the period in which they are made. Do you agree? Why or why not?

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Definitions:

AGI

Adjusted Gross Income, which is your gross income minus allowable deductions, used as a basis for calculating taxable income.

Single

A filing status on tax returns used by individuals who are unmarried or legally separated from their spouse as of the decedent of the tax year.

Foreign Tax Credit

A tax credit that cannot be refunded, allocated for income taxes paid to an overseas government due to withholdings from foreign income tax.

U.S. Tax Liability

The total amount of taxes owed to the U.S. government by an individual, corporation, or other entity in a given tax year.