Kyle and alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters jane and jill, respectively, to attend the university of california. jane is a sophomore and jill is a freshman. kyle and alyssa's agi is $135,000 and they file a joint return. what is their allowable american opportunity tax credit after the credit phase-out based on agi is taken into account?

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u. s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.

In 1975, mcdonald’s introduced its egg mcmuffin breakfast sandwich, which remains popular and profitable today. this longevity illustrates the idea of:

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.