Steven, a cash basis single taxpayer, earned $20 interest on his savings account, $200 of...
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Steven, a cash basis single taxpayer, earned $20 interest on his savings account, $200 of prepaid interest, $150 interest on a Certificate of Deposit, and $30 interest on money loaned to his nephew. Calculate the amount of interest income Steven must report on his income tax return. O a. $170 b. $200 O c. $370 O d. $400
Steven, a cash basis single taxpayer, earned $20 interest on his savings account, $200 of prepaid interest, $150 interest on a Certificate of Deposit, and $30 interest on money loaned to his nephew. Calculate the amount of interest income Steven must report on his income tax return. a. $170 b. $200 c. $370 d. $400
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