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Gene receives a $2,000 distribution from his educational savings account. He uses $1,600 to pay for qualified higher education expenses. On the date of the distribution, Gene's account balance is $5,000, $2,500 of which is her contributions. What is Gene's taxable income (after any exclusion) from the distribution?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947693

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