select the correct answer.\nthe smith family adopted a child. the adoption procedure took about three…

select the correct answer.\nthe smith family adopted a child. the adoption procedure took about three months, and the family incurred various expenses. will the smiths receive any financial benefit for the taxable year?\na. they will not receive any financial benefit for adopting the child\nb. their income tax component will decrease\nc. they will receive childcare grants\nd. they will receive a tax credit for the cost borne for adopting the child\ne. they will receive several tax deductions

select the correct answer.\nthe smith family adopted a child. the adoption procedure took about three months, and the family incurred various expenses. will the smiths receive any financial benefit for the taxable year?\na. they will not receive any financial benefit for adopting the child\nb. their income tax component will decrease\nc. they will receive childcare grants\nd. they will receive a tax credit for the cost borne for adopting the child\ne. they will receive several tax deductions

Answer

Brief Explanations:

In many tax - systems, families that adopt a child are eligible for a tax credit to offset the costs associated with adoption. This is a way to encourage adoption. It's not a general decrease in income tax component, not childcare grants (which are for day - to - day care), and not multiple tax deductions but a specific tax credit.

Answer:

D. they will receive a tax credit for the cost borne for adopting the child