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Mr. and Mrs. Lund and their two children (Ben and June) are the four equal...

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Accounting

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Mr. and Mrs. Lund and their two children (Ben and June) are the four equal partners in LBJ Partnership. This year, LBJ generated $56,000 ordinary income. Required: Compute the tax cost for the business if Mr. and Mrs. Lund's marginal rate is 32 percent, Ben's marginal rate is 24 percent, and June's marginal rate is 12 percent. (Ignore SE tax consequences.) Mr. and Mrs Lund's share Ben's share June's sharo Tax cost of the business income Tax Cost S 8,960 S 3,360 $ 1.680 S 14.000

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