How much investment interest can murphy deduct

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Reference no: EM131920681

Problem

Murphy has a brokerage account and buys on the margin, which resulted in an interest expense of $20,000 during the year. Income generated through the brokerage account was as follows: Municipal interest $50,000 Taxable dividends and interest 350,000 In your computations, do not round any division. How much investment interest can Murphy deduct?

Reference no: EM131920681

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