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Q.2- Mr. X and Mrs. Y are married and have two dependent children. P Mrs. Y's mother who lives with them and has no income.

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Q.2- Mr. X and Mrs. Y are married and have two dependent children. P Mrs. Y's mother who lives with them and has no income. Their 2014 ta information is as follows: (2 marks) Particulars Total salaries Bank account interest income Municipal bond interest income Value of employer provided medical insurance Value of premiums for $ 100000 of group term life insurance provided by Gift from X'S parents Gain from the sale of qualified small business stock acquired in 2008 Total itemized deductions Dividend income-from ABC stock, Loan from X'S parents

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