Elizabeth received the following sources of income in the current year: U.S. Treasury bond certificates interest $500
Question:
Elizabeth received the following sources of income in the current year:
U.S. Treasury bond certificates interest $500
Interest on state tax refund (paid by state government for late payment
of tax refund to Elizabeth) 200
Corporate bond interest 600
Amount received for opening a new savings account at a local bank 50
Puerto Rico bond interest 350
What amount must Elizabeth include in gross income on her Federal income tax return?
a. $650
b. $1,150
c. $1,350
d. $1,700
Step by Step Answer:
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young