Karen owns city of richmond bonds with a face value of $10,000. she purchased the bonds on january 1, 2017, for $11,000. the maturity date is december 31, 2026. the annual interest rate is 4%. what is the amount of taxable interest income that karen should report for 2017, and the adjusted basis for the bonds at the end of 2017, assuming straight-line amortization is appropriate?
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