16 simon age 12 generates 800 interest income and 4000, Ask an Expert

Accounting

16. Simon, age 12, generates $800 interest income and $4,000 dividend income for 2015. He incurs no investment expenses. His parents report $80,200 taxable income and file a joint tax return. Determine the following.

a. Simon's net unearned income.
b. Simon's allocable parental tax.
c. Simon's total Federal income tax liability.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91848532

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