Allen Green Is a Single Taxpayer with an AGI (And

question 114

Multiple Choice

Allen Green is a single taxpayer with an AGI (and modified AGI) of $210,000, which includes $170,000 of salary, $25,000 of interest income, $10,000 of dividends, and $5,000 of long-term capital gains. What is Allen's Net Investment Income tax liability this year, rounded to the nearest whole dollar amount?

• A) $2,465
• B) $1,520
• C) $570
• D) $380

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Definitions:

Public Corporation

A company whose shares are publicly traded on the stock exchange and is subject to specific reporting and regulatory requirements.

Shareholders

Individuals or entities that own one or more shares of stock in a joint-stock company, giving them a right to a portion of the company's profits and a vote in certain company matters.

Quo Warranto

A legal proceeding used to challenge an individual's right to hold a public or corporate office.

De Facto Corporation

A corporation in existence by operations and public dealings, despite not completing the formal requirements.