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How much investment interest can Tobias deduct

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Problem - Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $20,000 during the year. Income generated through the brokerage account was as follows:

Municipal interest $50,000

Taxable dividends and interest 350,000

Required - How much investment interest can Tobias deduct?

Reference no: EM132656854

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