What effect does tax-exempt interest have on taxable income, Taxation

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What effect does tax-exempt interest have on taxable income

Question: An S corporation is solely owned by a shareholder. During the year, the corporation receives $4,000 in tax-exempt interest. What effect does this tax-exempt interest have on the taxable income of the S corporation and the basis of the stock of the sole shareholder?

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Taxation: What effect does tax-exempt interest have on taxable income

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