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Mrs
Mrs. Nunn, who has a 24 percent marginal tax rate on ordinary income, earned $2,670 interest on a debt instrument this year.
Required: Compute her federal income tax on this interest assuming that the debt instrument was: (Round your final answers to the nearest whole dollar amount.)
a) An unsecured note from her son, who borrowed money from his mother to finance the construction of his home.
b) A certificate of deposit from a federal bank.
c) A 30-year General Electric corporate bond.
d) A U.S. Treasury note.
e) A City of Memphis municipal bond.
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