MsKerry,who Itemized Deductions on Schedule A,paid $15,000 Interest on Funds

question 18

Multiple Choice

Ms.Kerry,who itemized deductions on Schedule A,paid $15,000 interest on funds borrowed to acquire taxable bonds.She also paid $660 of management fees that were fully deductible on Schedule A.Her AGI is $100,000,which includes $19,700 of interest income.How much of the interest expense can she deduct?

• A)$0
• B)$19,040
• C)$19,700
• D)$15,000

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