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Tax planning: Bart and Kesha are in the 39.6% tax bracket. They are interested in reducing the taxes they pay each year. They are currently considering several alternatives. For each of the following alternatives, indicate how much tax, if any, they would save.
a. Make a gift of bonds valued at $5,000 that yield $400 per year interest to their 24-year old daughter, who has no other income.
b. Sell the bonds from Part a rather than give them to their daughter, and buy tax-exempt bonds that pay 6%. Assume the bonds can be sold for an amount equal to their basis of $5,000
c. Give $1,000 cash to a charity. Assume they itemize deductions and ignore an phase-out of itemized deductions.
d. Pay their daughter a salart of $10,000 for services rendered in their unincorporated business.
Prior to a charitable gift to the Plato University of land with a basis of $6,000 and a value of $13,000, All-Set, Inc. had taxable income of $50,000. If the dividends-received deduction was $80,000, the charitable contribution deduction is:
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