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Mr. and Mrs. Pallo celebrated the birth of their third child on November 18. Required: a. Compute the effect of this event on their tax
Mr. and Mrs. Pallo celebrated the birth of their third child on November 18. Required: a. Compute the effect of this event on their tax liability, assuming that their AGI was $102,200, and their taxable income before considering the new dependent was $87,000. b. Compute the effect of this event on their tax liability, assuming that their AGI was $428,000, and their taxable income before considering the new dependent was $361,000. c. Compute the effect of this event on their tax liability, assuming that their AGI was $846,000, and their taxable income before considering the new dependent was $730,000. Assume the taxable year is 2021
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