In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean Vehicle Credit Victor can claim on his Federal tax return?
In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean Vehicle Credit Victor can claim on his Federal tax return?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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