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Ralph and Tina (husband and wife transferred taxable bonds worth $30000 to Pam their 12-year-old daughter Pam received $3500 of interest on the bonds in the current year Ralph and Tina have a

Ralph and Tina (husband and wife) transferred taxable bonds worth $30,000 to Pam, their 12-year-old daughter. Pam received $3,500 of interest on the bonds in the current year. Ralph and Tina have a combined taxable income of $83,000. 

a. Compute Ralph and Tina’s gross tax. Assume they do not include Pam’s income on their return.

b. Can Ralph and Tina claim a child credit for Pam?

c. Compute Pam’s taxable income and gross tax.

Apr 01 2020 View more View Less

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