Jerry Purchased a U

question 115

Multiple Choice

Jerry purchased a U.S. Series EE savings bond for $744. The bond has a maturity value in 10 years of $1,000 and yields 3% interest. This is the first Series EE bond that Jerry has ever owned.

• A) Jerry can defer the interest income until the bond matures in 10 years.
• B) Jerry must report ($1,000 - $744)/10 = $25.60 interest income each year he owns the bond.
• C) The interest on the bonds is exempt from Federal income tax.
• D) Jerry can report all of the $256 as a capital gain in the year it matures.
• E) None of these.

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