9:) Cecil cashed in a Series EE savings bond with a redemption value of $16,000 and an original cost of $11,200. For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: (Leave no answer blank. Enter zero if applicable.) A:) Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a full- time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $61,700. Amount of interest to be included in gross income: B:) Assume the same facts in part (a), except Cecil plans to spend $4,800 of the proceeds to pay his son's tuition at State University, and Cecil estimates his modified adjusted gross income at $57,500. Amount of interest to be included in gross income:

9:) Cecil cashed in a Series EE savings bond with a redemption value of $16,000 and an original cost of $11,200. For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: (Leave no answer blank. Enter zero if applicable.) A:) Cecil plans to spend all of the proceeds to pay his son's tuition at State University. Cecil's son is a full- time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $61,700. Amount of interest to be included in gross income: B:) Assume the same facts in part (a), except Cecil plans to spend $4,800 of the proceeds to pay his son's tuition at State University, and Cecil estimates his modified adjusted gross income at $57,500. Amount of interest to be included in gross income:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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