Securities issued by state and local governments generally are
A)not subject to taxation.
B)taxed at the federal level, but not at the state and local levels.
C)taxed at the state and local levels, but not at the federal level.
D)taxed at the local, state, and federal levels.

Question

Quizplus · Accepted Answer

Securities issued by state and local governments are generally exempt from federal income tax, but may be subject to state and local taxes.

Securities Issued by State and Local Governments Generally Are