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Required information [The following information applies to the questions displayed below.) Cecil cashed in a Series EE savings bond with a redemption value of $21,000
Required information [The following information applies to the questions displayed below.) Cecil cashed in a Series EE savings bond with a redemption value of $21,000 and an original cost of $14,700. For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: (Leave no answer blank. Enter zero if applicable.) a. Cecil plans to spend all of the proceeds to pay his son's tuition at State University, Cecil's son is a full-time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $69,500. Amount of interest to be included in gross income b. Assume the same facts in part (o), except Cecil plans to spend $6,300 of the proceeds to pay his son's tuition at State University and Cecil estimates his modified adjusted gross income at $65,300. Amount of interest to be included in gross income
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