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1. William cashed in Series EE savings bond to fund his college career. He cashed in the bonds for a redemption value of $20,000. The

1. William cashed in Series EE savings bond to fund his college career. He cashed in the bonds for a redemption value of $20,000. The original cost of the bonds was $4,000. William plans to use $16,000 of the proceeds to pay tuition. Assuming no AGI limitations, what amount (if any) should William include in income this year for tax purposes? Answer: Show your work

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