For 2021, Techmo Corporation, a cash-basis corporation, had the following items of income. 

1. 1) Received $500 of interest income earned in a checking (bank) account. 
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3. 2) Received $45 of interest income from a State of Nevada Bond 
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5. 3) Received $200 of interest income from a City of San Francisco, CA Bond 
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7. 4) Received $600 of interest income from a U.S. Government Bond 
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9. 5) Sold some State of Nevada bonds for $1,000 cash. The tax basis or the Nerada bands sold was purchased in 2006. 
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How much, if any, taxable income does Techmo Corporation have based on the above information.

Answer rating: 100% (QA)

As Techmo Corporation operates on a cash basis only the cash received or expended during the ... View the full answer