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Lance william is 14 year old and is beneficiary of the Williams family trust. In the 1920 income tax year Lance only income is $8000
"Lance william is 14 year old and is beneficiary of the Williams family trust. In the 1920 income tax year Lance only income is $8000 received from trust distribution. Because Lance income is less than $37,000, he will be able to offset any tax payable with low income tax offset of $445 and the low and middle income tax offset of $225. "
Indicate whether the above statement is TRUE or FALSE with appropriate explanation.
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