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Calculate Matthew itemized deduction for investment interest

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Problem - Matthew borrows $250,000 to invest in bonds. During the current year, his interest on the loan is $30,000. Matthew's taxable interest income from the bonds is $10,000. This is Matthew's only investment income.

Required -

a. Calculate Matthew's itemized deduction for investment interest expense for this year.

b. Is Matthew entitled to a deduction in future years? Explain.

Reference no: EM132704311

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