Interest Income from Treasury Securities Is ________,And Interest Income from Municipal

Interest income from Treasury securities is ________,and interest income from municipal bonds is always ________.

A) exempt from federal taxes; exempt from all taxes
B) taxable at the state level only; exempt from state taxes only
C) taxable at federal level only; exempt from federal taxes
D) taxable at the state level; taxed at the federal level
E) totally tax exempt; exempt from state taxes

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