Carol and her husband are both in the highest marginal tax bracket. Their son, who is attending university, handles the IT strategy for their professional practice, for which he is not paid a salary. However, their son sees his contribution to the business as a way to repay his parents for funding his tuition. How can the family implement a tax planning strategy to reduce tax payable?

Answer rating: 100% (QA)

There are several potential tax planning strategies that Carol and her husband could implement to re... View the full answer