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Show Report Interest On Tax Return Interest you received or which was credited to your account during dur-ing 1961 generally must be reported re-ported on your Federal income tax return, Roland V. Wise, Director Di-rector of Internal Revenue for the Salt Lake City, Utah District, said this week. Interest on state and municipal obligations is wholly exempt from tax, and interest on obligations obliga-tions of the Federal Government issued before March 1, 1941 is either wholly or partially exempt from tax. All other interest is taxable, he explained. Some of the more common interest in-terest which is taxable includes interest on savings, when credited credit-ed to your account even though it is not recorded in your pass book, interest on bonds, loans, mortgages, on refunds of Federal taxes, on U.S. Savings Bonds, and interest on GI insurance dividends left on deposit with Veterans Administration. Also included as interest income in-come are certain so-called dividends divi-dends on deposits or on withdrawable with-drawable or share accounts of domestic Building and Loan Associations, As-sociations, domestic Savings and Loan Associations, Credit Unions, Mutual Savings Banks and Cooperative Co-operative Banks. Taxpayers who have any questions ques-tions about interest income may get Document No. 5060, "Investment "Invest-ment Income" by calling DAvis 8-2911, X465, or come to Room 365, Federal Building, Salt Lake City, Mr. Wise said. |