Accounting

1).

Basis

Adjusted Basis

Capital Asset

Section 1231 Asset

Business Asset

Fair Market Value

Realized gain (loss)

Recognized gain (loss)

Depreciation Convention

2).

a- Briefly explain the requirements that must be met to receive a tax credit for child and dependent care expenses.

b- Explain what qualifies as education expenses for the purposes of educational tax credits.

c- Taxpayers can claim a child tax credit for a qualifying child.  Define qualifying child.