Fundamentals of Taxation
Quiz 3: Gross Income: Inclusions and Exclusions
A taxpayer must file a Schedule B (Forms 1040A or 1040)if he or she has received taxable interest of $1,550.
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Interest on state bonds is tax-exempt if the bonds were issued for private activities,such as convention centers,industrial parks,or stadiums.
Dividends are generally taxed at capital gains rates if they are made from the corporation's current earnings and profits or accumulated earnings and profits.
A stock dividend in which a shareholder has the option to receive cash is not taxable.
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