During the current year, Sam received interest income from the following investments: $400 from State of Wyoming bonds, $200 from Ford Motor Co., $50 from City of Laramie bonds, $100 from U. S. Treasury bonds. How much of the interest received will be included in gross income

$300

Explanation:

We know that The State of Wyoming and City of Laramie bonds are not taxable, so we just caculate the interest income that are taxible into the gross income:

$200 from Ford Motor Co. + $100 from U.S. Treasury bonds

= $300

So $300 of the interest received will be included in gross income

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