Question
For a nonresident of California, which of the following would be taxed by California? a. None of the above would be taxable in California b.
For a nonresident of California, which of the following would be taxed by California?
a. None of the above would be taxable in California
b. Gain on the sale of real estate in Texas
c. Interest on a California bank account
d. Salary earned in California
e. U. S. Treasury interest
Betty, a resident of California, sold California real estate and received an installment note on the sale. This year she receives a payment of $10,000, of which $5,000 is return of basis, $4,000 is gain and $1,000 is interest. What is California taxable income from this note?
a. Some other amount
b. $10,000
c. $1,000
d. $4,000
e. $5,000
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