Ms. Kerry, who itemized deductions on Schedule A, paid $15,000 interest on funds borrowed to...
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Accounting
Ms. Kerry, who itemized deductions on Schedule A, paid $15,000 interest on funds borrowed to acquire taxable bonds. Her AGI is $100,000, which includes $19,700 of interest income. How much of the interest expense can she deduct?
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$0
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$19,040
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$19,700
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$15,000
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