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(10 points) Frank is 56 years old and files as a head of household during 2020 since he provides all of the support for
(10 points) Frank is 56 years old and files as a head of household during 2020 since he provides all of the support for his elderly mother who lives in a memory care facility all year. He has the following tax information for 2020: Salary income.... Interest income........ Qualified dividend income... Capital gain from sale of stock held 7 years.. Capital loss from sale of stock held 2 years... $315,000 47,250 65,100 146,685 (36,750) 17,640 Itemized expenses......... Compute Frank's regular taxable income and his regular tax liability for 2020 using the applicable tax rates for his ordinary income and alternative tax rates for other qualifying income. Ignore the net investment income tax.
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