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Kamal is starting a new business in 2014 which will operate as an S corporation. This means that income earned by the corporation will be reported by shareholders even if they do not receive distributions. Kamal has $130,000 of income from other sources, and itemized deductions totaling $15,000. He expects that the new business will preduce $30,000 of income each year. He is considering giving his son Rashid 20% of the stock in the corporation. Rashid is age 24, and is Kamal's dependent. Rashid's only other income is $2,000 of interest. Neither Kamal nor Rashid will be employed by the corporation. Which alternative will produce a lower income tax liability - having all stock ownded by Kamal or having Kamal own 80% of the stock and Rashid own 20%? Assume Kamal's filing status is head-of-household and Rashid is single. Ignore other taxes. How would the answer be different if Rashid were age 17? Ignore credits.
morgan age 45 is single and provides more than 50 of the support of rosalyn a family friend flo a niece age 18 and
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