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Is Sonja subject to the FBAR reporting requirement

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Reference no: EM132665846

Problem - In January 2019, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2019.

a. Is Sonja subject to the FBAR reporting requirement? Explain.

b. Is the interest income taxable in the United States? Explain.

Reference no: EM132665846

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