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In 2015, Uriah received the following interest payments:
Interest of $300 on an overpayment of 2014 Federal income taxes
Interest of $400 from his bank certificate of deposit.
Interest of $1,000 on municipal bonds
Interest of $1,500 on United States savings bonds (Series HH)
What amount, if any, should Uriah report as taxable interest income on his 2015 individual income tax return?
Fourfold Test
A method used to determine the status of a worker, assessing criteria such as control, ownership of tools, chance of profit, and risk of loss.
Vicarious Liability
A legal principle where one party is held responsible for the actions or negligence of another party, often in an employer-employee relationship.
Illegal Acts
Activities or actions that are expressly prohibited by law and subject to criminal or civil penalties.
Injunction
A legal order by a court that compels an individual, organization, or entity to do or to refrain from doing a specific act.
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