Question
Assume Alan's parents make gifts of $10,000 to him every year starting at age one. Alan's parents are in the 35 percent income tax bracket
Assume Alan's parents make gifts of $10,000 to him every year starting at age one. Alan's parents are in the 35 percent income tax bracket and Alan is now 15 years old.
a) calculate the tax on Alan's interest income. b) explain why the kiddie tax rules are in the law.
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Financial Accounting A Practical Introduction
Authors: Ilias Basioudis
1st Edition
0273714295, 978-0273714293
