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Is the interest income taxable in the United States

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Reference no: EM132628176

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.

Required -

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

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

Reference no: EM132628176

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