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12. jeremy meets with his tax advisor to discuss the tax consequences of some income...

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Accounting

12. jeremy meets with his tax advisor to discuss the tax consequences of some income his 16-year-old son received. the advisor explains that under the uniform gifts act or uniform transfers to minors act, income derived from property received as a gift would be treated as:

  • taxable income to the minor's parents.
  • the same as wages.
  • a salary.
  • investment income.

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