In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income.

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In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022.

a. Is Sonja subject to the FBAR reporting requirement? Explain.

b. Is the interest income taxable in the United States? Explain.

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South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Posted: Sep 24, 2023 07:31 AM

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In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income.

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a Sonja must file an FBAR form for 2022 because on at least one day ...View the full answer

South Western Federal Taxation 2023 Comprehensive Volume

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