Reggie and Ramona Are Married and Have Two Children in College

question 118

Multiple Choice

Reggie and Ramona are married and have two children in college. Jason is a sophomore, and Justine is a graduate student. They pay $2,500 in tuition and fees for Jason, $900 for his books and $3,000 for his room and board. Justine's tuition and fees are $5,000, her book expense is $800, and her room and board expenses are $2,600. Their adjusted gross income is $170,000. What amount can they claim as a tax credit for the higher education expenses she pays?

• A)$-0-
• B)$1,175
• C)$3,175
• D)$3,638
• E)$4,850

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Definitions:

Chapter 7 Bankruptcy

A type of bankruptcy that involves the liquidation of a debtor's assets to repay creditors, under the U.S. Bankruptcy Code.

Free Assets

Assets that are not encumbered by any liens or claims, available to be used or sold freely by the owner.

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or disposal.

Historical Cost

The original monetary value of an asset or investment, without adjustment for inflation or depreciation, used in accounting to determine financial statements.