Homework Answers
Calculation of Gross Income of Walt for 2020:
| Particulars | Amount ($) | Amount ($) |
| Salary | 46000 | |
| Capital Gain on sale of state bond | 5000 | |
| Interest on savings account | 1000 | |
| Interest on municipal bond | 0 | |
| Interest on US Treasury bond | 2000 | |
| Qualified Dividends | 3000 | |
| Life insurance proceeds | 0 | |
| Gross income | 57000 |
1. Interest on Municipal bond is exempted from tax and the capital gain on selling such bonds are taxed.
2. Life insurance proceeds received as a beneficiary are not taxable.
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