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Harvey's three grandsons George, Benson and Harry are ages 12,15 and 18, respectively. As a special gift, Harvey gave each of his grandsons a $5,000

Harvey's three grandsons George, Benson and Harry are ages 12,15 and 18, respectively. As a special gift, Harvey gave each of his grandsons a $5,000 term deposit that earned annual interest of $225. Discuss the tax implications

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