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Which items are taxable as income

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Reference no: EM132680756

Problem 1: Vera receives the following income. Which items are taxable as income?

Description

  • Interest income from Hong Kong bonds $1000
  • Interest income from Philadelphia Bonds $2000 
  • Interest income on US Treasury Bonds $3000 
  • Sale of State of California Bonds at a gain of $4000 
  • Redemption of series EE savings bonds with a face amount $25,000. $4000 was accrued interest and $12,500 was used to pay for the tuition of taxpayer's dependent child. 
  • Interest income on Intel Corporation Bonds $5000

Select one or more:

a. $2000 from series EE Savings Bonds
b. $5000 on Intel Corp bonds.
c. $2000 from Philadelphia Bonds
d. $1000 from Hong Kong Bonds
e. $3000 from US Treasury Bonds
f. $4000 from State of California Bonds
g. $4000 from Series EE Bonds

Reference no: EM132680756

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