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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Why, Grandma! What big debts you have! Date:  5/24/2001  3:40 PM
Author:  brisav Number:  72413 of 312293

If your grandmother's total income (including the 1099 that she may receive if you settle on a smaller amount) is less than her standard deduction and personal exemptions, she will not owe any taxes.
Given the information that you have supplied regarding her income (small) I would venture to say that she would fall under the taxable income level and you would be safe.
I would run the numbers to make sure though.

Your friendly CPA
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