Exercise 3-26 (Algorithmic) (LO. 7) In 2017, Simon, age 12, has interest income of $860 and dividend

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Exercise 3-26 (Algorithmic) (LO. 7) In 2017, Simon, age 12, has interest income of $860 and dividendincome of $4,700. He has no investment expenses. His parents havetaxable income of $87,000 and file a joint tax return. Assume thatno parental election is made. Click here to access the 2017 tax rate schedule. If required,round the tax liability the nearest dollar. . . .

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