Lenny, age 12, has $3,500 interest income from a trust established by his uncle. This is Lenny's

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Lenny, age 12, has $3,500 interest income from a trust established by his uncle. This is Lenny's only source of income for the year. Lenny's parents are in the 33 percent marginal tax bracket.
a. What is Lenny's taxable income and how much income tax does he owe?
b. How would your answers change if Lenny were age 24?
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Taxation For Decision Makers 2014

ISBN: 9781118654545

6th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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