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On July 1, 2016 Harold paid $10000 for a Ten year bond with a stated interest rate of 5%, payable annually on July 1. On April 1, 2017, 274 days after purchasing the bond, Harold sold the bond to Sam for 10050. Which of the following should be reported on Harold’s return.
$0 of interest income and $50 of short term capitol gains
$125 of interest income and $50 of short term capital gain
$375 of interest income and $50 short term capital gain
$376 of interest income and $375 of short term capital loss.
Exam Question 6 of 45 Select the best answer. In calculating state-level taxable income, which of the following is not an example of common adjustments that must be made to federal income? A. Cost of goods sold Expenses attributable to income not taxed under state law Income from state and federal obligations B. C. D. Net operating losses Submit Answers tion Q 6 82% Complete Ex
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