Question
Cole, a 48-year-old married individual, received the following in 2016: S corporation stock dividends $5,000 Interest earned on federal Treasury bills 1,000 Interest earned on
Cole, a 48-year-old married individual, received the following in 2016:
S corporation stock dividends $5,000
Interest earned on federal Treasury bills 1,000
Interest earned on municipal bonds 2,500
Interest earned on state income tax refund 50
Interest earned on Series EE savings bonds, $1500 (used to help pay for room and board for dependent in college
Common stock property dividend (FMV) 3,000 In addition,
Cole spent $500 on lottery scratch-off cards in 2016. All of the cards were losers except for one, from which Cole won $1,000.
Given these facts, what total amount from the above should be included in gross income on Coles 2016 tax return?
a. $6,550 b. $11,550 c. $11,050 d. $4,550
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