Spartan Corps interest and gain on investments were as follows: -Interest on Johnson County...
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Accounting
- Spartan Corps interest and gain on investments were as follows:
-Interest on Johnson County School Bonds $700
-Interest on a Missouri income tax refund $500
-Interest on US Government Bonds $2,000
-Gain on the sale of Johnson County School bond $100
How much of the above is included in Spartans Gross Income for tax purposes?
- John sold the following assets: business auto for ($5,000) loss (not a capital asset), stock investment for a ($9,000) loss (bought 2 years ago), and pleasure boat (bought 5 years ago) for ($6,500) loss. Presuming adequate income, how much of these losses may John deduct?
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