Question
Elsie received the following distributions from Virginiana Mutual Fund for the calendar year 2020: Ordinary dividends (nonqualifying) $250 Capital gain distributions $170 Nontaxable distributions $80
Elsie received the following distributions from Virginiana Mutual Fund for the calendar year 2020:
| Ordinary dividends (nonqualifying) | $250 |
| Capital gain distributions | $170 |
| Nontaxable distributions | $80 |
Elmer, Elsie's husband, did not own any of the Virginiana Mutual Fund shares, but he did receive $1,600 in interest on a savings account at the Moss National Bank. Elmer and Elsie filed a joint income tax return for 2020. What portion of the distributions from Virginiana Mutual Fund is taxable as ordinary income on their 2020 individual income tax return?
| a. | $0 | |
| b. | $420 | |
| c. | $250 | |
| d. | $500 |
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Managerial Accounting
Authors: Charles E. Davis, Elizabeth Davis
2nd edition
1118548639, 9781118800713, 1118338448, 9781118548639, 1118800710, 978-1118338445
