Sophie acquired, on January 1, ²⁰¹⁵ , a bond maturing on December 31, 2024. The bond bears interest at 4%, payable semi-annually on June 30 and December 31 of each year. The price paid for the bond is $10,000, its face value. The bond was resold on September 1, 2016 for $10,500. What amount should be included in Sophie's income tax return for 2016?

Answer rating: 100% (QA)

To determine the amount that should be included in Sophies income tax return for 2016 we need to cal... View the full answer