Jarret owns city of savannah promises with an adjusted basis

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Jarret owns city of Savannah promises with an adjusted basis of $100000. During the year he receives interest payments of $3000. Jarret partially financed the purchase of the bonds by borrowing $80000 at 5% interest. Jarret's interest payments on the loan this year are $4000 and his principal payments are $900.

a. Must Jarret report any interest income this year?

b. Can Jarret deduct any interest expense this year?

Reference no: EM1379965

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