Interest Income. Holly inherited $10 of City of Atlanta bonds in February. In Ma

Question

Interest Income. Holly inherited $10 of City of Atlanta bonds in February. In March, she received interest of $500, and in April he sold the bonds at a gain. Holly re- deemed Series EE U.S. savings bonds that she had purchased several years ago. The accu- mulated interest totaled $800. Holly received $300 of interest on bonds issued by the City of Quebec, Canada. What amount, if any, of gross income must Holly report? 1:3-45 Income. Tim during the current year at age 58. He purchased an annu ity from American National

Explanation / Answer

Statement showing income to be reported

Interest $500 Gain on sale of bonds 200 Interest on bonds 800 Interest on bonds issued by city of quebec 300 Income to be shown $1800

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