Randy and Sharon are married and have two dependent children.They also fully support Sharon's mother who lives with them and has no income.Their 2014 tax and other related information is as follows:
Compute Randy and Sharon's taxable income.(Show all calculations in good form.)
Definitions:
Liable
Legally responsible or obligated, particularly in the context of debts or legal judgements.
Wrongful Dissociation
An unlawful separation or removal of a partner from a partnership contrary to the terms of the partnership agreement or statutes governing partnerships.
Custodian
An entity responsible for the safekeeping, care, and maintenance of assets or property on behalf of its owner(s) or a designated beneficiary.
Dissociate
In a legal or business context, to terminate one's association or involvement with a business entity or partnership.
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