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    Mary has earnings of $50,000 this year. She also has been fortunate because the market value of the condominium she purchased this year for $100,000 has increased by 5 percent. Assuming that the rate of inflation is 3 percent, and that Mary has neither capital losses nor other earnings, and receives no transfers, calculate Maryâ??s comprehensive income. If she were subject to a comprehensive income tax at a 20 percent flat rate, what would her tax liability be for the year?

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    Solution Summary

    The tax liability is solved.