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27 November, 16:43

During 2012, Montoya (age 15) received $2,200 from a corporate bond. He also received $600 froma savings account established for him by his parents. Montoya lives with his parents and he is theirdependent. What is Montoya's taxable income?$0$2,200$2,800$1,850

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  1. 27 November, 16:44
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    taxable income = $1850

    so correct option is $1850

    Explanation:

    given data

    received corporate bond = $2,200

    received savings account = $600

    to find out

    taxable income?

    solution

    we know here $950 standard deduction for person claimed as a dependent on another's tax return

    so taxable income is

    taxable income = 2200 + 600 - 950

    taxable income = $1850

    so correct option is $1850
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