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Martin Aggerwal has a 30 percent interest in a partnership. During the current year, the partnership realized capital gains of $42,000, received non-eligible dividends of
- Martin Aggerwal has a 30 percent 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 taxed at 33 percent at the federal level. Which of the following statements is correct?
- A. Martin will report taxable capital gains of $6,300, will have a federal dividend tax credit of $467, and a charitable donations tax credit of $494.
- B. Martin will report taxable capital gains of $12,600, will have a federal dividend tax credit of $467, and a charitable donations tax credit of $522.
- C. Martin will report taxable capital gains of $6,300, will have a federal dividend tax credit of $933, and a charitable donations tax credit of $494.
- D. Martin will report taxable capital gains of $6,300, will have a federal dividend tax credit of $467, and a charitable donations tax credit of $522.
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