Trudy is Jocelyn’s friend. Trudy looks after Jocelyn’s four-…

Trudy is Jocelyn’s friend. Trudy looks after Jocelyn’s four-year-old son during the day so Jocelyn can go to work. During 2024, Jocelyn paid Trudy $4,070 to care for her son. What is the amount of Jocelyn’s child and dependent care credit if her AGI for the year was $30,700? (Exhibit 8-9)

George operates a business that generated revenues of $50 mi…

George operates a business that generated revenues of $50 million and allocable taxable income of $1.25 million. Included in the computation of allocable taxable income were deductible expenses of $240,000 of business interest and $250,000 of depreciation. What is the business interest limitation that George will be subject to this year if the business does not qualify under the gross income test?