Each of the numbered items below is accorded only one of the following lettered treatments. Use the existing law as it applies to the current year, match the best answer to the statements below.
-Katrina receives $1,000 interest income from U.S. Treasury bonds that her uncle had given to her.

Question

Quizplus · Accepted Answer

Interest income from U.S. Treasury bonds is fully included in gross income and subject to federal income tax. There are no exclusions or deductions available for this type of income.

Each of the Numbered Items Below Is Accorded Only One