45. An investor lives in Lansing, Michigan and has a portfolio that includes US Treasury ("UST") bonds, Lansing Municipal Bonds and Ohio State municipal bonds. What is the tax treatment of the portfolio?

A. All interest earned is taxed by both Michigan and the US Government

B. The US Government taxes the Lansing and Ohio bonds, but not the UST

C. Ohio Taxes the UST, but not the Ohio bonds

D. UST is taxed by the US. However, US do not tax either the Michigan or the Ohio bonds. Michigan taxes interest earned on Ohio bond, but not the Lansing Bonds.

E. None of the interest is taxed