AICPA每日一练之REG【2016-2-28】

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During 2013 Kay received interest income as follows:

On US Treasury certificates $4,000

On refund of 2011 federal income tax 500

The total amount of interest subject to tax in Kay’s 2013 tax return is

a. $4,500

b. $4,000

c. $ 500

d. $0

Answer:A

The requirement is to determine the amount of interest subject to tax in Kay’s 2013 tax return. Interest must generally be included in gross income, unless a specific statutory provision provides for its exclusion (e.g., interest on municipal bonds). Interest on US Treasury certificates and on a refund of federal income tax would be subject to tax on Kay’s 2013 tax Return.

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