​Toni and Beyonze Are Married and File Jointly

question 114

Multiple Choice

​Toni and Beyonze are married and file jointly. During 2016, they paid tuition for their daughter's college in the amount of $23,000. If their AGI was $142,000, what is the amount of tuition deduction they are eligible for?

• A)​$0
• B)​$2,000
• C)​$4,000
• D)​$23,000
• E)​None of the above

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Definitions:

Shareholders' Equity

The residual interest in the assets of an entity after deducting liabilities, representing the net worth contributed by the owners.

Liabilities

Financial obligations or debts owed by a company to external parties, creditors, or suppliers that must be settled over time.

Shareholders' Equity

The residual interest in the assets of a company after subtracting liabilities, representing ownership equity.

Total Assets

The sum of all current and noncurrent assets owned by a company, reflecting its overall value.