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How much investment interest expense can Yoon deduct

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Problem - During the current year, Yoon earned $10,000 in interest on corporate bonds and incurred $13,000 of investment interest expense related to the bond holdings. Yoon also earned $5,000 interest on private activity bonds that were issued in 2014 and incurred interest expense of $3,500 in connection with the bonds.

Required -

a. How much investment interest expense can Yoon deduct for regular income tax purposes for the year?

b. What AMT adjustments and preferences arise as a result of the private activity bond interest income and expense?

Reference no: EM132669519

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