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11. A single taxpayer received interest income of $40,000 consisting of the following: certificate of deposit $6,000 (which is reinvested), savings account $4,000, City
11. A single taxpayer received interest income of $40,000 consisting of the following: certificate of deposit $6,000 (which is reinvested), savings account $4,000, City of Glendale Municipal Bond $8,000, mort- gage note $12,000, Cobb County Municipal Bond $7,000, and corporate bond $3,000. What is the amount of taxable interest income? A. $40,000 B. $25,000 C. $19,000 D. $33,000
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Accounting Texts and Cases
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
13th edition
1259097129, 978-0073379593, 007337959X, 978-1259097126
