Caroline, age 66 and filing single as a dependent of another, received the following income items for

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Caroline, age 66 and filing single as a dependent of another, received the following income items for 2013:
Social Security benefits (nontaxable) ....................... $ 3,000
Pension benefits (taxable) .................................... 6,450
Interest income (taxable) ..................................... 2,050
Total ............................................................. $11,500
Caroline's tax liability (before credits) is $200.
a. What is Caroline's tentative tax credit for the elderly (before the tax liability limitation is applied)?
b. What is Caroline's allowable tax credit?
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Federal Taxation 2014 Comprehensive

ISBN: 9780133438598

27th Edition

Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson

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