After Years of Working with the Orphanage and the Government,Walt

question 78

Multiple Choice

After years of working with the orphanage and the government,Walt and Kim adopted a little girl from China.The adoption process,which became final in January 2016,incurred the following qualified adoption expenses.What amount of adoption credit can Walt and Kim claim and in what year? Assume there is no credit limitation due to their AGI amount. 2015 $ 12,500
2016 2,800

• A)$15,300 in 2016.
• B)$15,300 in 2015.
• C)$12,500 in 2015 and $2,800 in 2016.
• D)$13,460 in 2016.

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Definitions:

Grassroots Movement

A movement driven by the politics of a community or society's lowest level, often advocating for social or political change from the ground up.

Conspicuous Consumption

The purchase and use of expensive goods and services to display wealth and social status rather than for practical and necessary reasons.

Sustainable Growth

The rate of growth that an organization can maintain without running into problems, by balancing income with spending in long-term plans.

Organizations

Groups or coalitions of individuals working together towards common goals or objectives, governed by structured management.