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Throughout the textbook, it has been stated that tax relief can come in several forms. Assuming that the taxpayer in question is in a 28%

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Throughout the textbook, it has been stated that tax relief can come in several forms. Assuming that the taxpayer in question is in a 28% marginal tax rate bracket and the time value of money is 6%, determine the tax value of the following forms of relief: A $2,000 item of income that is excluded from income A $2,000 expenditure that is deductible in computing taxable income A $2,000 expenditure that is eligible for a 10% tax credit d. A $2,000 item of income that is deferred for five years (assume no change in the marginal tax rate.)

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