Cecil cashed in a Series EE savings bond with a redemption value of $13,000 and an original cost of $9,100. 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: Note: Leave no answer blank. Enter zero if applicable. Required: 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 $53,400.

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
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Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
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Cecil cashed in a Series EE savings bond with a redemption value of $13,000 and an original cost of $9,100.

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:

Note: Leave no answer blank. Enter zero if applicable.

Required:

  1. 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 $53,400.
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