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ACCT 553 Week 4 You Decide
ACCT 553 Week 4 You Decide
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ACCT 553 Week 4 You Decide

Jane Smith Case

 

How is the $300,000 treated for purposes of federal tax income?

 

Jane Smith Tax Issues:

 

(a) What are the different tax consequences between paying down the mortgage debt and assuming a new mortgage debt for federal income tax purposes?

 

(b) Should John and Jane file separate or joint tax returns?

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