Question

Which of the following are true statements about T-bills? I. T-bills typically sell in denominations of $10,000 II. Income earned on T-bills is exempt from all Federal taxes III. Income earned on T-bills is exempt from state and local taxes

Answer 1

iii.Income earned on T-bills is exempt from state and local taxes.

Step-by-step explanation:

Some staes might require that require that income earned from T-bills be reported regardless of the tax exempt status.