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

question 107

Multiple Choice

Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2014: Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $175 in interest on a savings account at the Moss National Bank and $1,475 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2014. What amount is reportable as taxable interest income?

• A)$0
• B)$175
• C)$1,475
• D)$1,650
• E)None of the above

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Definitions:

RNA

Ribonucleic acid, a molecule essential for various biological roles, including coding, decoding, regulation, and expression of genes.

Translation

Translation is a biological process by which messenger RNA is decoded by a ribosome to produce a specific amino acid chain, or polypeptide, that will fold into an active protein.

mRNA

Messenger ribonucleic acid, a type of RNA that conveys genetic information from DNA to the ribosome, where they specify the amino acid sequence of the protein products of gene expression.

Ribosome

A ribosome is a cellular organelle that synthesizes proteins by translating messenger RNA into amino acid sequences.