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Caylen lives in North Carolina and has purchased a bond issued by the state of Pennsylvania. Which of the following best describes the tax impact

Caylen lives in North Carolina and has purchased a bond issued by the state of

Pennsylvania. Which of the following best describes the tax impact for Caylen?

The bond interest will be federally tax free and will be taxed by the state of PA

.

The bond interest will be taxed at the federal level and will be taxed by the state of PA

.

The bond interest will not be taxed at the federal or state level.

The bond interest will be tax free at the federal level and will be taxed by the state of NC

.

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