Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

Exercise 20

Jerome is single and cannot be claimed by anyone as a dependent. He is a full-time student at a local university enrolled full-time in an MBA program. His tuition bill was $5,000. He paid the bill by withdrawing $2,000 from his savings account and borrowing the remainder from a local bank. For purposes of the educational tax credits, what is the amount of Jerome's qualifying expenses?