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Martin Aggerwal has a 30% interest in a partnership. During the current year, the partnership realized capital gains of $42,000, received non-eligible dividends of $15,000,
Martin Aggerwal has a 30% interest in a partnership. During the current year, the partnership realized capital gains of $42,000, received non-eligible dividends of $15,000, and made charitable donations of $6,000. Martin has made no charitable donations personally. He has no income that will be subject to the 33% federal income tax rate. Which of the following statements is correct? Martin will have capital gains of $6,300, a federal dividend tax credit of $933, and a charitable donations tax credit of $494. Martin will have taxable capital gains of $6,300, a federal dividend tax credit of $467, and a charitable donations tax credit of $494. Martin will have taxable capital gains of $6,300, a federal dividend tax credit of $467, and a charitable donations tax credit of $522. Martin will have taxable capital gains of $12,600, a federal dividend tax credit of $467, and a charitable donations tax credit of $522.
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