Question

Hazel's receipts for the year are as follows: Gain on sale of Augusta County bonds $800 Interest on U.S. government savings bonds 400 Interest on state income tax refund 200 Interest on Augusta County bonds 700 a. Classify the following items as "Included" or "Excluded" in Hazel's gross income. Included in/Excluded from Gross Income Gain on sale of Augusta County bonds Interest on U.S. government savings bonds Interest on state income tax refund Interest on Augusta County bonds b. Hazel's gross income is $ .

Answer 1

A.Gain on sale of Augusta County bonds $800

INCLUDED

Interest on U.S. government savings bonds 400

INCLUDED

Interest on state income tax refund 200

INCLUDED

Interest on Augusta County bonds 700

EXCLUDED

B.$1,400

Step-by-step explanation:

A.

Gain on sale of Augusta County bonds $800

INCLUDED

Interest on U.S. government savings bonds 400

INCLUDED

Interest on state income tax refund 200

INCLUDED

Interest on Augusta County bonds 700

EXCLUDED

B. Hazel's gross income is $1,400

Gain on sale of Augusta County bonds $800

Interest on U.S. government savings bonds 400

Interest on state income tax refund 200

Total =$1,400