Holly inherited $10,000 of City of Atlanta bonds in February. In March, she received interest of $500, and in April she sold the bonds at a $200 gain. Holly redeemed Series EE U.S. savings bonds that she had purchased several years ago. The accumulated interest totaled $800. Holly received $300 of interest on bonds issued by the City of Quebec, Canada. What amount, if any, of gross income must Holly report?
Solution
Solution.
gross income of Holly =
Sold the bonds at a gain = $200
Accumulated interest totaled = $800
Received of interest on bonds = $300
Total = $1,300
.
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Holly inherited $10-000 of City of Atlanta bonds in February- In March.docx
1. Holly inherited $10,000 of City of Atlanta bonds in February. In March, she received interest of
$500, and in April she sold the bonds at a $200 gain. Holly redeemed Series EE U.S. savings
bonds that she had purchased several years ago. The accumulated interest totaled $800. Holly
received $300 of interest on bonds issued by the City of Quebec, Canada. What amount, if any,
of gross income must Holly report?
Solution
Solution.
gross income of Holly =
Sold the bonds at a gain = $200
Accumulated interest totaled = $800
Received of interest on bonds = $300
Total = $1,300
