Leigh Inherited $65,000 of City of New York Bonds in January

question 75

Essay

Leigh inherited $65,000 of City of New York bonds in January 2014.In March 2014,she received $4,000 of interest on the bonds.In July 2014,she sold the bonds at a $10,000 gain.Leigh also redeemed Series E U.S.Savings bonds in October 2014 that she had purchased several years ago and received accumulated interest of $2,600.In December 2014,she received $800 of interest on City of Paris,France,bonds.What amount,if any of gross income must Leigh report?

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Definitions:

Mark-Up

An amount added to the cost price of goods to cover overhead and profit.

Impairment Loss

The amount by which the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, necessitating a write-down.

Effective Tax Rate

The average rate at which an individual or corporation is taxed, calculated by dividing the total taxes paid by the taxable income.

Equity Method

An accounting technique used to record investments in other companies, where the investment's value is adjusted for profits, losses, and dividends.