Demonstrate the maximum amount of personal tax credits

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Reference no: EM132770884

Problem 1: Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependent, that can be applied against federal Tax Payable by the taxpayer in each of the following independent Cases. A calculation of Tax Payable is NOT required.

Mr. Holm has Net Income for Tax Purposes of $55,000, all of which is investment income. He is single and provides support for his mother. His mother is a widow who resides in Latvia and has income of $1,100 per year.

Reference no: EM132770884

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