Jay received the following fair market value amounts during the current year: Interest on Montgomery...
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Accounting
Jay received the following fair market value amounts during the current year: Interest on Montgomery County bonds (used to build a bridge) $100 Interest on U.S. Treasury notes $200 Gain on sale of Montgomery County bonds $300 Common stock dividend in IBM Corporation common stock (no cash option) $400 What amount of taxable income should Jay report from these amounts?
$200
$300
$400
$500
$1,000
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