Julie and Gus are married and file a joint return. They expect to have $230,000 of taxable income in the next year and are considering

If a taxpayer files his or her tax return and receives a tax refund from the​ IRS, does this mean that the IRS feels that the return is correct and will not be subject to a future​ audit?

What is the statute of limitations for transactions​ involving:

a. Fraud​ (e.g., failure to file a tax​ return)

b. Disallowance of tax deduction items

c. The omission of rental income that is equal to greater than​ 25% of the​ taxpayer's reported gross income

Many tax professionals have moved into the field of financial planning for their clients.

a. How do taxes impact financial planning for a​ client?

b. Why do tax professionals have a perfect opportunity to perform financial planning for their​ clients?

Julie and Gus are married and file a joint return. They expect to have $230,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $69,000 for mortgage interest and real estate taxes.

(Here is the 2016 tax rate schedule for the Married filing jointly filing​ status.)

Requirements

a.	What is their marginal tax rate for purposes of making this​ decision?
b.	What is the tax savings if the residence is​ acquired?