2. (CPA) Which of the following is generally not subject to federal income tax? a. cash...
2. (CPA) Which of the following is generally not subject to federal income tax?
a. cash proceeds from inheritance.
b. interest on federal income tax refund.
c. interest on Ohio state bonds.
d. more than one choice (a-c) is correct
Homework Answers
Ans:d.more than one choice(a-c) is correct.
Notes:
a and c is correct. Inheritance cash proceeds is not taxable even it is received it in anyway (Provided it is already earned and taxed)
Interest on Bonds issued by state of Ohio is not taxable
B.Interest on federal income tax refund is taxable,,,
Federal Income tax refund is not taxable but interest on federal income tax refund is taxable
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