Business, 17.06.2020 22:57 thelongneckkid

Bob uses the cash method of accounting. During the tax year (calendar year), he had the following income and expenses:  Interest on a savings account (credited to his account on January 2 of next year) $ 68  Dividend received from Virginia Credit Union $814  Interest received on a 5-year certificate of deposit (left in CD account to compound) $910  Penalty on the early withdrawal of the 5-year certificate of deposit $ 50 What is the amount of interest income Bob must report for the current tax year?

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Bob uses the cash method of accounting. During the tax year (calendar year), he had the following in...

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