Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2019: Ordinary dividends $250 Capital gain distributions $170 Nontaxable distributions $80 Elsie, Elmer's wife, did not own any of the Virginiana Mutual Fund shares, but she did receive $1,475 in interest on a savings account at the Moss National Bank and $175 in interest on California Municipal Bonds. Elmer and Elsie filed a joint income tax return for 2019. What amount is reportable as taxable interest income? a. $175 b. $0 c. $1,650 d. $1,475 e. None of these choices are correct.
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Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2019: O...
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