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What amount must Elizabeth include in gross income

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Reference no: EM132655730

Problem - Elizabeth received the following sources of income in the current year:

U.S. Treasury bond certificates interest $500

Interest on state tax refund (paid by state government for late payment of tax refund to Elizabeth) 200

Corporate bond interest 600

Amount received for opening a new savings account at a local bank 50

Puerto Rico bond interest 350

Required - What amount must Elizabeth include in gross income on her Federal income tax return?

a. $650

b. $1,150

c. $1,350

d. $1,700

Reference no: EM132655730

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