Solved

George,an Unmarried Cash Basis Taxpayer,received the Following Amounts During 2016

Question 88

Multiple Choice

George,an unmarried cash basis taxpayer,received the following amounts during 2016:
Interest on savings accounts
$2,000
Interest on a State tax refund
600
Interest on City of Salem school bonds
350
Interest portion of proceeds of a 5% bank certificate of deposit
Purchased on July 1,2015,and matured on June 30,2016

250
Dividends on USG common stock
300

What amount should George report as gross income from dividends and interest for 2016?


A) $2,300.
B) $2,550.
C) $3,150.
D) $3,500.
E) None of these.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents