George is single, has AGI of $255,300, and incurs the following expenditures in 2012.
What is the amount of itemized deductions George may claim?
Definitions:
Junk Bond
A high-yield bond with a lower credit rating than investment-grade bonds, reflecting higher risk.
Annual Interest
Interest calculated or paid once per year on a loan or investment, based on the initial principal or on the amount outstanding.
Call Provision
A provision in a bond or similar fixed-income instrument that permits the issuer to pay off the principal ahead of its maturity date.
Issuer
An entity that develops, registers, and sells securities for the purpose of financing its operations.
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