Homework Answers
1.Interest income (non TEB) = $ 1,223,400
Muni income = $ 2,00,000
TEB adjustment = 2,00,000*24%
= 48,000 $
Interest Income (TEB) = 1,223,400 - 48000
= 1,175,400$.
2. Interest income (non TEB) = $1,00,000
Muni income = $ 25000
TEB adjustment = 25000*25%
= 6250
Interest income (TEB) = 100000-6250
= 93750 $.
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