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Business Finance
Question Description
Education Tax Credit. (Obj. 2) Curt and Kathy Norton paid $3,200 of tuition for their son, who attends college less than half-time. Ofthis amount, $1,500 was paid on December 28, 2016 for the Spring 2017 semester, and $1,700 was paid on August 4, 2016, for the Fall 2016 semester Compute the Nortons' 2017 education tax credit if their AGI is $71,900. How much a. of their credit is refundable versus nonrefundable? b. Same as in Part a., except that the Nortons' AGI is $120,816
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