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Shkiper50 [21]
3 years ago
8

Jay received the following fair market value amounts during the current year: Interest on Montgomery County bonds (used to build

a bridge) $100 Interest on U.S. Treasury notes $200 Gain on sale of Montgomery County bonds $300 Common stock dividend in IBM Corporation common stock (no cash option) $400 What amount of taxable income should Jay report from these amounts
Business
1 answer:
UNO [17]3 years ago
6 0

Answer:

$300

Explanation:

Given that :

Jay received the following fair market value amounts during the current year:

Interest on Montgomery County bonds

(used to build a bridge)                                                $100

Interest on U.S. Treasury notes                                   $200

Gain on sale of Montgomery County bonds               $300

Common stock dividend in IBM Corporation

- common stock (no cash option)                                   $400

From the above amounts that Jay received during the current year;

The following are free from an obligation and liability imposed as a result of tax.

1. Interest on Montgomery County bonds (used to build a bridge)

2. Interest on U.S. Treasury notes

3. Common stock dividend in IBM Corporation  common stock (no cash option)

So; we can say they are not taxable

BUT only Gain on sale of Montgomery County bonds which is $300 only taxable

Thus, The amount of taxable income  Jay should  report from the above  amounts is $300

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