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In the case of interest income from state and Federal bonds, which are true and which are false?

I.Interest on United States Government bonds received by a state resident cannot be subject to that state's income tax.

II.Interest on United States Government bonds are not subject to Federal income tax.

III.Interest received on bonds issued by State A received by a resident of State B cannot be subject to income tax in State B.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91592091

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