In January 2018, Sonja Deposited $20,000 in a bank in the Bahamas. She earned $500 Interest income.
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Question:
In January 2018, Sonja Deposited $20,000 in a bank in the Bahamas. She earned $500 Interest income. She closed the Account in December 2018.
a. Is Sonja subject to the FBAR reporting requirement?
b. Is the Interest Income taxable in the United States?
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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