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Kaplan Series 7 > Taxation of Interest (Small Manual) > Flashcards

Taxation of Interest (Small Manual) Flashcards

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Series 7 Top-off Exam flashcards
1
Q

US Government debt instruments…

A

pay federal tax but no state or local taxes.

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2
Q

Government agency debt instruments…

A

pay federal tax and state and local taxes.

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3
Q

Municipal debt instruments, except Industrial Development Bonds (IDRs)…

A

do not pay federal tax, but state and local taxes MAY apply.

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4
Q

Corporate debt instruments…

A

pay federal and state and local taxes.

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Kaplan Series 7 (9 decks)

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