Problem
Describe the tax savings for someone in the 28 percent marginal tax bracket who owns a business with $10,000 in "profits" if he incorporates, giving his child (over 14) a 50 percent interest in the business. Assume his child has no other income and, as a dependent, cannot claim a personal exemption and can take only a standard deduction.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.