Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2021:

Ordinary dividends	$250
Capital gain distributions	$170
Nontaxable distributions	$80

Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2021. What amount is reportable as taxable interest income?

a.$0

b.$1,650

c.$175

d.$1,475

e.None of these choices are correct.

Answer rating: 100% (QA)

Option d 1475 is the correct answer Explanation Since it is given that ... View the full answer