For the current tax year, David, a married taxpayer filing a joint return, reported the...
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Accounting
For the current tax year, David, a married taxpayer filing a joint return, reported the following: $24,000 $3,000 Investment income from interest Investment expenses other than interest Interest expense on funds borrowed 10 years ago to purchase investment property $70,000 What is the maximum amount that David can deduct in the current year as investment interest expense? Oa. $21,000 Ob. $7,000 Oc. $24,000 Od. $20,000 Oe. None of these choices are correct
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