Elsie Received the Following Distributions from Virginiana Mutual Fund for the Calendar

question 148

Multiple Choice

Elsie received the following distributions from Virginiana Mutual Fund for the calendar year 2018: $$\begin{array} { l r } \text { Ordinary dividends (nonqualifying) } & \$ 250 \\\text { Capital gain distributions } & \$ 170 \\\text { Nontaxable distributions } & \$ 80\end{array}$$ Elmer, Elsie's husband, did not own any of the Virginiana Mutual Fund shares, but he did receive $1,600 in interest on a savings account at the Moss National Bank.Elmer and Elsie filed a joint income tax return for 2018.What portion of the distributions from Virginiana Mutual Fund is taxable as ordinary income on their 2018 individual income tax return?

• A)$0
• B)$250
• C)$420
• D)$500
• E)None of the above

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Definitions:

Racial Homophily

The tendency of individuals to associate and bond with others of the same race, often resulting in social and network segregation.

Religious Life

Refers to the way in which individuals or communities practice and adhere to their religious beliefs and rituals.

Social Capital

The networks, relationships, and connections among individuals and communities that can be leveraged for social and economic benefits.

Civic Engagement

Civic engagement involves individuals' active participation in the political and community life, contributing to the wellbeing and improvement of their communities.