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Compute the effect of the event on the tax liability

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Mr. and Mrs. Palio celebrated the birth of their third child on November 18.

Required:

Problem 1: Compute the effect of this event on their tax liability, assuming that their AGI was $103,000, and their taxable income before considering the new dependent was $87,400.

Problem 2: Compute the effect of this event on their tax liability, assuming that their AGI was $432,000, and their taxable income before considering the new dependent was $365,000.

Problem 3: Compute the effect of this event on their tax liability, assuming that their AGI was $850,000, and their taxable income before considering the new dependent was $734,000.

Assume the taxable year is 2020.

Reference no: EM132916565

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