A taxpayer filing as Single has $$25,600$ of taxable income. Included in gross income is a

tax$-$exempt interest of $$3,000,$ and interest on U$.$S$.$ savings bonds of $$1,200.$

Additionally, the taxpayer has a $1099-$DIV with dividend income of $$3,000,$ of which $$2,000$ is qualified dividends, and capital gains

distributions of $$500.$

Is the following statement accurate about this scenario?

The interest on the U$.$S$.$ savings bonds may only be taxed on up to $85\%$ of its value.