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Carol's income includes $ 7 0 , 0 0 0 salary, $ 2 , 0 0 0 corporate bond interest income, and $ 5 ,
Carol's income includes $ salary, $ corporate bond interest income, and $ qualified dividends for the current year. Carol incurred $ investment interest expense and $ itemized deductions not including the investment interest expense. Compute Carols income tax liability for the current year assuming she is a single tax filer who elects to treat enough of the qualified dividends as investment income to allow her to deduct the maximum amount for investment interest expense.
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