on August 31st 2017 Michael purchase a 13-week $10,000 treasury bill for $9,896 Bill matures he'll...
on August 31st 2017 Michael purchase a 13-week $10,000 treasury bill for $9,896 Bill matures he'll receive $10,000 how does he report the $104 in interest a federal tax exempt interest be as taxable interest on his federal return see as nominee interest does dividend income which one is correct
Homework Answers
| Interest on Treasury Bills is exempt income at state level but is taxed at the federal level. |
| The $104 in interest is reported as taxable interest on his federal return. |
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