In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income.
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In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022.
a. Is Sonja subject to the FBAR reporting requirement? Explain.
b. Is the interest income taxable in the United States? Explain.
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Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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