Ms Kerry, Who Itemized Deductions on Schedule A, Paid $15,000

question 67

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) $19,039
• C) $19,699
• D) $15,001

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Definitions:

Environmental Protection

A practice of safeguarding the natural environment on individual, organizational, or governmental levels, for the benefit of both the environment and humans.

Global Village

A term popularized by Marshall McLuhan, describing the world as a connected community facilitated by electronic communication.

Marshall McLuhan

A pioneering Canadian scholar in the field of media theory, best known for coining the expressions "the medium is the message" and "global village."

Media Technology

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