24- Matthew borrows $332,500 to invest in bonds. During the current year, his interest...
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Accounting
24-
Matthew borrows $332,500 to invest in bonds. During the current year, his interest on the loan is $33,250. Matthew's taxable interest income from the bonds is $19,950. This is Matthew's only investment income and he has no other investment expenses other than the interest on the loan.
a. Calculate Matthew's itemized deduction for investment interest expense for this year.
b. Is Matthew entitled to a deduction (related to the investment interest expense) in future years? and , the unused deduction of? and be carried forward as an investment interest deduction in future?
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