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How much taxable interest income must they report

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Reference no: EM132084552

Questions -

1. Which of the following would be excluded from income?

a) A $100.00 found under the sugar caddy at the restaurant

b) Inheritance from your grandmother valued at $5,000

c) Loan from your father-in-law to start your own business

d) Child support totaling $16,500

2. Shaun and Kayla earned the following in 2013: Interest on a saving account $36.00; Interest on a US Series EE savings bong of $25(no special election made), Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return?

Reference no: EM132084552

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