Scott and Cilenna are married with two dependent children. They have $74,000 in wage income and $4,600

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Scott and Cilenna are married with two dependent children. They have $74,000 in wage income and $4,600 in interest income on some bonds they own. They have deductions for adjusted gross income of $4,000 and itemized deductions of $24,600. Neither of the children has any income. Determine the tax savings for the family if Scott and Glenna were to transfer the bonds to the children, both under 18.

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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