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    Mary Lou and Ernie

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    1. Compute the estimated tax liability on the difernces between the estimated current value of the assets and liabilities and their tax based.

    2. Present a statement of finacial condition for Mary Lou and Ernie at December 31, 2006.

    3. Comment on the statement of financial condition.

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    Solution Summary

    Tax calculations and statement of financial condition were performed and prepared.