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safezone safezone
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7 years ago
Texas Trust receives $10,000 interest on U.S. Treasury bonds and $15,000 interest on State of New York bonds. All $25,000 is distributed to the trust beneficiary, Gary. Which of the following statements is correct?
A) Gary has $25,000 of ordinary gross income.
B) Gary has $10,000 of taxable interest income and $15,000 of tax-free interest income.
C) Gary has no taxable income because the trust must pay the tax.
D) Gary has $10,000 of capital gain and $15,000 of tax-free interest income.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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strwbrrystrwbrry
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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Brilliant ツ
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This helped my grade so much Perfect
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Just got PERFECT on my quiz
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