Cecil cashed in a Series EE savings bond with a redemption value of $22,500 and an original cost of $15,750. For the following scenario, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: Cecil plans to spend $6,750 of the proceeds to pay his tuition at State University and estimates his modified adjusted gross income at $65,100.
Cecil cashed in a Series EE savings bond with a redemption value of $22,500 and an original cost of $15,750. For the following scenario, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: Cecil plans to spend $6,750 of the proceeds to pay his tuition at State University and estimates his modified adjusted gross income at $65,100.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 25DQ
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Transcribed Image Text:Cecil cashed in a Series EE savings bond with a redemption
value of $22,500 and an original cost of $15,750. For the
following scenario, calculate the amount of interest Cecil
will include in his gross income assuming he files as a single
taxpayer:
Cecil plans to spend $6,750 of the proceeds to pay his
tuition at State University and estimates his modified
adjusted gross income at $65,100.
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