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In 2017 Taxpayer, the owner of negotiable bonds, detached from them negotiable interest coupons shortly...

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Accounting

In 2017 Taxpayer, the owner of negotiable bonds, detached from them negotiable interest coupons shortly before their due date and delivered them as a gift to Taxpayers son who in the same year collected them at maturity.

Should Taxpayer be taxed on the interest or should Son?

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