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Oscar Corporation paid $120,000 of Federal income taxes this year. Oscar also received $6,000 of tax-exempt interest on State of Pennsylvania bonds. In calculating taxable

Oscar Corporation paid $120,000 of Federal income taxes this year. Oscar also received $6,000 of tax-exempt interest on State of Pennsylvania bonds. In calculating taxable income of Oscar, the $120,000 is (1) and the $6,000 is (2) .

(1) taxable (2) deductible

(1) not taxable (2) not deductible

(1) deductible (2) taxable

(1) not deductible (2) not taxable

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