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Q.3 Mr. and Mrs. Orange and their two children, Clementine and Tangerine, are the four equal partners in Citrus Partnership. This year, Citrus Partnership generated
Q.3
Mr. and Mrs. Orange and their two children, Clementine and Tangerine, are the four equal partners in Citrus Partnership. This year, Citrus Partnership generated $200,000 of ordinary income. Compute the tax cost associated with this income if Mr. and Mrs. Orange's marginal tax rate is 35\%, Clementine's marginal tax rate is 24%, and Tangerine's marginal tax rate is 32%. $44,000 $82,000 $176,000 $63,000 Step by Step Solution
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