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How do these amounts affect Rachel taxable income

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Problem - During the year, Rachel earned $18,000 of interest income on private activity bonds that she had purchased in 2014. She also incurred interest expense of $7,000 in connection with amounts borrowed to purchase the bonds. How do these amounts affect Rachel's taxable income? Could there be a related beneficial effect in calculating AMTI? Explain.

Reference no: EM132669447

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