PART IV $-$ COMPLETE THE FOL

NUMBERED $16-20.$ Show all of your work to receive full and$/$or partial credit.

Gustavo and Gaby, a married couple, come to you to prepare their federal joint individual

income tax return. They have the following items of income:

Interest Income from a Savings Account at the CUNY Savings Bank: $$5,000$

Interest Income from the City of New York municipal bonds: $$1,000$

Dividends Income from the Intel Corporation: $$12,000($which is qualified$).$

Received from the BMCC Mutual Fund: $$4,000$ in qualified dividends. $$2,000$ for capital

gain income and $$200$ for a return of capital.

Dividends received from Sony, Inc. a foreign, non$-$US corporation: $$3,000$

Gaby earned a salary of $$70,000$

Gustavo has pension income of $$8,000$ of which $$4,000$ is taxable income.

You calculate that Gustavo and Gaby have $$32,600$ in itemized deductions.

The couple do not have any children.

Which items $($with amounts$)$ and how much in total would be reported on

Schedule B$,$ Part I, Interest for Gustavo and Gaby. Show all work as to how you came to

your answer.