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MsKerry,who Itemized Deductions on Schedule A,paid $15,000 Interest on Funds

Question 18

Multiple Choice

Ms.Kerry,who itemized deductions on Schedule A,paid $15,000 interest on funds borrowed to acquire taxable bonds.She also paid $660 of management fees that were fully deductible on Schedule A.Her AGI is $100,000,which includes $19,700 of interest income.How much of the interest expense can she deduct?


A) $0
B) $19,040
C) $19,700
D) $15,000

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