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Scott and Glenna are married with two dependent children. They have $74,000 in wage income and $4,600 in interest income on some bonds they own.

Scott and Glenna are married with two dependent children. They have $74,000 in wage income and $4,600 in interest income on some bonds they own. They have deductions for adjusted gross income of $4,000 and itemized deductions of $12,800. Neither of the children has any income. Determine the tax savings for the family if Scott and Glenna were to transfer the bonds to the children, both under 18.

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