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Which of the following statements are true regarding taxation of Treasury notes and bonds? a. Interest income and capital gains are exempt from federal taxes.

Which of the following statements are true regarding taxation of Treasury notes and bonds?

a. Interest income and capital gains are exempt from federal taxes.

b. Interest income and capital gains are exempt from state and local taxes.

c. Notes and bonds are taxed differently than T-bills.

d. Original issue discount tax rules apply.

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