nterest income from Treasury securities is $\_\_\_\_\_\_\_\_\_\_$blank, and interest income from municipal bonds is always $\_\_\_\_\_\_\_\_\_\_$blank.

Multiple Choice

taxable at the state level; taxed at the federal level

tax$-$exempt; exempt from state taxes

taxable at the federal level only; exempt from federal taxes

taxable at the state level only; exempt from state taxes only

exempt from federal taxes; exempt from all taxes