Mike Received the Following Interest Payments This Year A) $2,650
B) $2,350
C) $2,050
D) $2,300
E) $3,500

question 3

Multiple Choice

Mike received the following interest payments this year. What amount must Mike include in his gross income (for federal tax purposes) ? $\begin{array} { l r } { \underline { \text { Bond } } } & \underline { \text { Interest } } \\\text { General Motors } & \$ 1,450 \\\text { City of New York } & 900 \\\text { State of New Jersey } & 1,200 \\\text { U.S. Treasury } & 850\end{array}$

• A) $2,650
• B) $2,350
• C) $2,050
• D) $2,300
• E) $3,500

---

Definitions:

Intellectance

The ability or aptitude to learn, understand, and engage in complex cognitive processes.

Honesty

The quality of being truthful, transparent, and sincere in one's dealings and communications.

Altruism

Altruism refers to the selfless concern for the well-being of others without expecting any reward or benefit in return.

Integrity

The quality of being honest and having strong moral principles, crucial for trustworthiness in social and professional settings.