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How much must Floyd recognize as interest income

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Question - Floyd, a cash basis taxpayer, gave his son, Ethan, corporate bonds with a face amount of $12,000 and a 5% stated annual interest rate. The gift was made on February 28, 2020, and the interest was paid on the last day of each quarter. How much must Floyd recognize as interest income accrued at the time of the gift?

Reference no: EM133029720

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