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QUESTION
Mario and Angelo co-own a popular Italian restaurant. Their operating income for last year was $153,000. Both are in the 25% income tax bracket. The...
Mario and Angelo co-own a popular Italian restaurant. Their operating income for last year was $153,000. Both are in the 25% income tax bracket. The business income is equally shared by them. What was Mario’s tax liability for last year assuming a flat tax rate?
