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Taxpayer is 16 years old at year end and is a qualifying child of her parents. During the year, Taxpayer earned $12,000 of interest on
Taxpayer is 16 years old at year end and is a qualifying child of her parents. During the year, Taxpayer earned $12,000 of interest on corporate bonds. Determine Taxpayer's tax liability assuming her parents' marginal tax rate is 24-percent.
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