Tyler is 18 years old. He has $3,000 worth of EE bonds in his name. He received the bonds as gifts over the years. He is hoping to cash in the bonds and use the proceeds for college. Which of the following statements is true in relation to his goal?
A. Because he is younger than age 24, he will need to pay taxes on the interest earned when the bonds are redeemed.
B. Because he is younger than age 24 and single, he will not owe taxes when the bonds are redeemed.
C. Because he received the bonds as a gift, he must pay taxes on the full amount of the redemption.
D. Because he is using the bonds for college, he will not owe taxes when the bonds are redeemed.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Tyler is 18 years old. He has $3,000 worth of EE bonds in his name. He received the bonds as gifts over the years. He is hoping to cash in ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
martin needed $600 more for a used car he wanted. He saved $150 a month. How long would it take tosace him the $600?
Answers (2)
Which of the following is a sign of credit trouble? a. spending limits on credit accounts are increased. b. more credit cards are opened. c. credit cards are used for big purchases. d. credit cards are canceled due to poor payment history
Answers (1)
How should dishes be dried
Answers (1)
A share of stock sells for $36 today. The beta of the stock is 1.1 and the expected return on the market is 15 percent. The stock is expected to pay a dividend of $0.90 in one year. If the risk-free rate is 3.
Answers (1)
Which of the following would NOT be a cause to be extra watchful?
Answers (1)
New Questions in Business
Don Krump wants to triple his investment in 6 years. An investment firm offers him an attractive interest rate. If the interest is compounded monthly, determine the nominal interest for this investment.
Answers (1)
If a customer exercises an equity call contract, the customer must: A pay the strike price for the security in next business day B pay the strike price for the security in 2 business days C deliver the security the next business day D deliver the
Answers (1)
Spartan Corporation, a U. S. corporation, reported $5.4 million of pretax income from its business operations in Spartania, which were conducted through a foreign branch.
Answers (1)
According to the Belmont Report, implementing the principle of respect for persons involves: Making it clear to subjects that they may withdraw from a study. Ensuring that risks to subjects are no more than minimal.
Answers (1)
Bob Denton of Denton Pest Control buys equipment from Allied Tools because Allied hires him to spray its warehouse for insects periodically. This practice is an example ofA) cost-benefit trading. B) cooperative selling. C) reciprocity.
Answers (1)