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Assume Gail is a wealthy widow whose husband died last year. Her dependent daughter lives with her for the entire year. Gail has interest income
Assume Gail is a wealthy widow whose husband died last year. Her dependent daughter lives with her for the entire year. Gail has interest income totaling $379,900 and she pays property taxes and home mortgage interest totaling $20,000.
b. Compute her taxable income and gross tax.
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