In January 2019, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income.

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In January 2019, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2019.

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 answer-question

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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Question Posted: Sep 19, 2019 08:12 AM

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In January 2019, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income.

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a Sonya must file an FBAR form for 2019 because on at least one ...View the full answer

South-Western Federal Taxation 2020 Comprehensive

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