Question
Betty Brewster received the following interest: Luggage gift for purchasing a four-year certificate of deposit (fair market value): $50 Interest on passbook savings
Betty Brewster received the following interest:
• Luggage gift for purchasing a four-year certificate of deposit (fair market value): $50
• Interest on passbook savings account: $15
• Interest on certificate of deposit: $200
• Dividends on share account savings in credit union: $150
• Interest on State of Mississippi bonds issued to finance state highway construction: $300
What is the amount of interest income to be included in income?
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Essentials Of Federal Taxation 2018
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
9th Edition
1260007642, 978-1260150292, 1260150291, 978-1260007640
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