1. Heather's interest and gains on investments for the tax year are below. What is her...
1. Heather's interest and gains on investments for the tax year are below. What is her gross income from these investments? Interest on U.S. government bonds: $500 Interest on Bland County school bonds: $900 Interest on a Virginia income tax refund: $100 Gain on the sale of Bland County:
$1000 A. $1,500 B. $1,600 C. $2,000 D. $2,500
Homework Answers
correct option is "B"-1600
| Interest on U.S. government bonds (Taxable ) | 500 |
| Interest on Bland County school bonds | Tax exempt |
| Interest on a Virginia income tax refund (Taxable) | 100 |
| Gain on the sale of Bland County | 1000 |
| Gross income | 1600 |
**Municipal bonds (Bland County school bonds ) are tax exempt however those who buy such bonds in secondary market and later sold them ,then any gain arising is taxable.
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