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Doug and Pattie received the following interest income in the current year:
Savings account at Greenbacks Bank - $4,000United States Treasury bonds - $250Interest on State of Virgina bonds - $200Interest on Federal tax refund - $150Interest on state income tax refund - $75
Greenbacks Bank also gave Doug and Pattie a cellular phone (worth $100) for opening the savings account. What amount of interest income should they report on their joint income tax return?
a. $4,775b. $4,675c. $4,575d. $4,300e. None of the above
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