On January 1, 2021, Austin purchased corporate bonds with a redemption value = $50,000 for $54,000. The bonds pay interest semiannually at a coupon rate of 7 %, and they mature in 5 yrs. At the time of the purchase, the bonds were priced to have a yield-to-maturity= 5 %. If AUSTIN elects to amortize the bond premium for tax purposes, what amount of interest income should he report on his 2021 tax return?

Answer rating: 100% (QA)

amount of interest income should he report on his 2021 tax return If AUSTIN e... View the full answer