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:

Keystone Species

Species that have a disproportionately large effect on their natural environment relative to their abundance, often influencing both ecosystem structure and biodiversity.

Entire Community

Refers to all the organisms living within a specific area, encompassing both the living (biotic) and non-living (abiotic) components of the environment.

Crucial Species

Key species that have a disproportionately large effect on their ecosystem's structure and function, often pivotal for biodiversity.

Keystone Species

A crucial species whose presence significantly influences the survival of other species in an ecosystem, and its removal would lead to significant changes in the ecosystem's structure.