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  3. Study Set
    Essentials of Federal Taxation
  4. Exam
    Exam 4: Individual Income Tax Overview, Exemptions, and Filing Status
  5. Question
    The Dashwoods Have Calculated Their Taxable Income to Be $80,000
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The Dashwoods Have Calculated Their Taxable Income to Be $80,000

Question 1

Question 1

Essay

The Dashwoods have calculated their taxable income to be $80,000 for 2016, which includes $2,000 of long-term capital gains. Using the appropriate tax rate schedule, calculate the Dashwood's income tax liability assuming they are married and file a joint return.

Correct Answer:

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