In the Fall of 2013,James Went Back to School to Earn

question 26

Multiple Choice

In the fall of 2013,James went back to school to earn a master of accountancy degree.He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000.His Lifetime Learning Credit is

• A)$1,000.
• B)$1,400.
• C)$1,800.
• D)$2,000.

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Definitions:

National Government

The political authority that governs an entire nation, as opposed to local or state government.

Gibbons v. Ogden

A landmark Supreme Court case in 1824 that held Congress has the power to regulate interstate commerce under the Commerce Clause of the Constitution.

Interstate Commerce

Economic activity, trade, or the movement of goods and services that crosses state borders, falling under the regulatory power of the federal government according to the U.S. Constitution.

National Power

The strength and influence of a country on a global scale, encompassing military, economic, political, and cultural aspects.