Assuming straight-line depreciation

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Ashley owns City of Alladin bonds with a face value of $10,000. She purchased the bonds on January 1,2016 for $11,000. The maturity date is December 31,2025. The annual interest rate is 8%. What is the amount of taxable interest income that Ashley should report for 2016, and the adjusted basis for the bonds at the end of 2016, assuming straight-line depreciation?

Reference no: EM131265325

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