TAX UPDATE - Fasset

a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages. $0 earned income credit. Based on §32(i), taxpayers with investment income in excess of $3,500 are not eligible for the earned income credit. Because capital gains are considered as investment income for this purpose, the Stuarts are not eligible for the ... ................
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