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Gomer Hill earned $1,200 in Year 1 on a certificate of deposit (CD) scheduled to mature in Year 2. On January 2, Year 2, before
Gomer Hill earned $1,200 in Year 1 on a certificate of deposit (CD) scheduled to mature in Year 2. On January 2, Year 2, before Hill filed his Year 1 income tax return, he incurred a forfeiture penalty of $700 for premature withdrawal of the funds in the CD. In Year 1 and Year 2, Hill had a salary of $50,000. If he has no other income.
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Income Tax Fundamentals 2019
Authors: Gerald E. Whittenburg, Steven Gill
37th Edition
1337703060, 1337673218, 9781337673211, 978-1337703062
