Nathan is 14 years old. Nathan's dad opened a bank account for Nathan when he was 2 years old and has been depositing $100 each month ever since. In early 2023, Nathan received a bank statement from CIBC showing the account had a balance of $16,268.34 at the end of 2022 and a T5 for 2022 with $308.15 in box 13. What options do Nathan and his dad have for reporting this income? O Nathan's dad must report income of $16,268.34 Nathan's dad must report income of $308.15 O Nathan must report income of $16,268.34 O Nathan must report income of $308.15 O No income must be reported since Nathan is under 18

Nathan is 14 years old. Nathan's dad opened a bank account for Nathan when he was 2 years old and has been depositing $100 each month ever since. In early 2023, Nathan received a bank statement from CIBC showing the account had a balance of $16,268.34 at the end of 2022 and a T5 for 2022 with $308.15 in box 13. What options do Nathan and his dad have for reporting this income? O Nathan's dad must report income of $16,268.34 Nathan's dad must report income of $308.15 O Nathan must report income of $16,268.34 O Nathan must report income of $308.15 O No income must be reported since Nathan is under 18

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 68P

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