This formatted MS Word file (see attachment) contains examples in tax accounting applications; determination of AGI, gross, and taxable income.© BrainMass Inc. brainmass.com March 4, 2021, 8:14 pm ad1c9bdddf
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11. The exclusion of interest on educational savings bonds:
a.Applies only to savings bonds owned by the child.
b.Applies to parents who purchase bonds for which the proceeds are used for their child's education.
c.Means that the child must include the interest in income is the bond is owned by the parent.
d.Is phased out once the taxpayer's ...
This formatted MS Word file contains examples in tax accounting applications; determination of AGI, gross, and taxable income.