Kelly is a resident of Wisconsin and purchases an Iowa municipal bond for $9,000 at...
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Finance
Kelly is a resident of Wisconsin and purchases an Iowa municipal bond for $9,000 at the beginning of the year. She receives a $500 coupon payment and sells the bond for $9,400 at the end of the year. Regarding Wisconsin state income taxes, what is taxable income and tax-exempt income for Kelly? Regarding federal income taxes, what is taxable income and tax-exempt income for Kelly? Explain your answers.
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