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don and mary are successful professionals with a combined AGI of $400,000. their household includes 2 children ages 16 and 23 the oldest works part-time and ears $16,000. don the father has heard that it might be beneficial if the son who makes $16,000 claim the younger child as a qualified dependent for income tax purposes. prepare a letter advising don about the advantages of such a choice and whether it is feasible. in your letter discuss the relevance of code 24, 32, 151, and 152
Solution:Situation 1If Deduction is claimed by brother Under section 151 of IRS:Tax liability of Elder son:- Tax liability of Don and mary filling jointly:- AGILess: Deduction under section 151…
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