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Question - During the tax year, taxpayer cashed in Series EE savings bonds with a redemption value of $9,000 and an original cost of $7,500. Taxpayer, whose Modified Adjusted Gross Income is below the beginning of the phase-out range, spent $6,000 on his dependent child's tuition during the year. Determine the amount taxpayer must include in gross income as a result of the redemption?
Financial Statement Analysis and Preparation
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