On June 30, 2014, Kelly sold property for $240,000 cash and a $960,000 note due on September
Question:
a. What can Kelly do to avoid the expected higher tax rate?
b. Assuming that Kelly's marginal combined Federal and state tax rate is 25% in 2014, how much would the tax rates need to increase to make the option identified in (a) advisable?
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Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
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