Question: Because interest earned on U.S. bonds and notes is not taxed by Oregon, special treatment is required if expenses related to this income is deducted

Because interest earned on U.S. bonds and notes is not taxed by Oregon, special treatment is required if expenses related to this income is deducted as an itemized expense on your federal return. Because Oregon does not tax this income, it does not allow a deduction for the expenses. The subtraction taken for the income must therefore be reduced by the amount of deductions taken on your federal return. Using this information please complete the exercise below. Jose earned $500.00 from Series I U.S. Savings Bonds. Expenses related to the purchase of the bonds, totaling $50.00 was deducted on IRS Schedule A. What will be the total of Jose's Oregon subtraction? Question 40Select one: a. $500.00 b. $50.00 c. $450.00 d. $150.00

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