In 2019, Uriah Received the Following Interest Payments: Interest of $300

question 87

Multiple Choice

In 2019, Uriah received the following interest payments: Interest of $300 on an overpayment of 2018 Federal income taxes
Interest of $400 from his bank certificate of deposit.
Interest of $1,000 on municipal bonds
Interest of $1,500 on US savings bonds (Series HH)
What amount, if any, should Uriah report as taxable interest income on his 2019 individual income tax return?

• A)$0
• B)$700
• C)$2,200
• D)$3,200
• E)None of these

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Definitions:

Fixed Costs

Costs that do not vary with the level of production or output and are incurred even if the business is producing nothing.

Total Revenues

The gross income generated by a business through its sales activities, prior to the deduction of any operating expenses.

Average Variable Cost

The variable cost of production divided by the quantity of output produced, indicating the variable cost on a per-unit basis.

Economic Profit

The financial discrepancy that arises from subtracting a business's comprehensive expenditures, including direct and indirect costs, from its total income.