Abigail deposited $10,000 in a bank to purchase a 6 month money market certiﬁcate which matures in 2012. Abigail is required to include this interest as income for tax year 2012.

Question

Quizplus · Accepted Answer

Income earned from investments, including interest earned on a money market certificate, is generally taxable and must be reported on the individual's tax return for the year in which it was earned.

Abigail Deposited $10,000 in a Bank to Purchase a 6