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During the current year, Sam received interest income from the following investments: $400 from State of Wyoming bonds, $200 from Ford Motor Co., $50 from City of Laramie bonds, $100 from U.S. Treasury bonds. How much of the interest received will be included in gross income?
a. $200
b. $700
c. $300
d. $600

Respuesta :

TomShelby

Answer:

b. $700

Explanation:

The City of Laramie bonds (municipàl bonds) are excluded from the federal tax income calculation thus; it should not be counted toward Sam gross income.

The rest will count getting a total of:

$400 from State of Wyoming bonds,

$200 from Ford Motor Co.,

$100 from U.S Treasury bonds

700 gross income

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