Will received the following interest and dividend payments this
year. What amount should Will
include in his federal gross income?
City of Greenwood bond interest $1,200
U.S. Treasury bond interest 500
State of Kentucky bond interest 1,000
Mutual Corporation bond interest 600
Sale of Kentucky bond for a profit of 200
What amount should Will include in his gross income?
a. Zero
b. 1,100
c. 1,300
d. 2,200
e. 3,500
HERE ANSWER IS C $1300
WILL WOULD INCLUDE $1300 IN HIS INCOME AS
income from U.S. Treasury bond interest 500,Mutual Corporation bond interest 600 and Sale of Kentucky bond for a profit of 200 are taxable under federal tax
whereas income from City of Greenwood bond interest $1,200 and State of Kentucky bond interest $1,000 is exempt from federal tax
so taxable income= income from U.S.Treasury bond interest+Mutual Corporation bond interest+Sale of Kentucky bond for a profit
=$600+$500+$200
=$1300
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