Curly and Rita Are Married,file a Joint Return,and Have Two

question 106

Multiple Choice

Curly and Rita are married,file a joint return,and have two dependent children,ages 11 and 13.Their AGI is $117,000.By how much is their child credit reduced in 2017?

• A)$0
• B)$300
• C)$350
• D)$700
• E)$7,000

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Definitions:

Dividends Paid

The total amount of earnings distributed by a company to its shareholders as a reward for their investment.

Inventory Increase

This occurs when there is a rise in the quantity or value of goods held by a company, signaling a buildup of stock.

Amortization of Patents

The systematic reduction of the financial value of a patent over its useful life, reflecting its consumption and obsolescence.

Gain on Sale

An increase in funds resulting from selling an asset for more than its carrying amount on the balance sheet.