Jean and Jim are married and file a joint return. They expect to have $415,000...
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Accounting
Jean and Jim are married and file a joint return. They expect to have $415,000 of taxable income in 2016 and are considering whether to purchase a personal residence that would provide additional tax deductions of $90,000 for mortgage interest and real estate taxes in 2016. (a) What is their marginal tax rate for making this decision? (b) What is their tax savings if they acquire the residence? The 2016 tax rate schedules can be found at https://www.irs.gov/irb/2015-44_IRB/ar10.html
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