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Interest Earned from Treasury Bonds

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Question
Interest earned from Treasury bonds is

a. exempt from all income tax.
b. exempt from federal income tax
c. exempt from state and local taxes
d. subject to all income taxes

and

All ______ are required to be members of the Federal Reserve System
a. state banks
b. national banks
c. savings and loan associations
d. finance companies.

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Solution Summary

This solution provides answers to questions involving treasury bonds and the Federal Reserve System.

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Interest earned from Treasury bonds is subject to all income taxes. (ANSWER: D) However, you were wrong ...

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