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Brokerage Account Assignment | Top Universities

Author:
January 31st, 2020

(Algorithmic) (LO. 3) Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $53,200 during the year. Income generated through the brokerage account was as follows:

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Municipal interest Taxable dividends and interest $106,400 532,000 If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar. How much investment interest can Tobias deduct? $ 44,333 x Feedback Check My Work Certain income, such as interest on municipal bonds, is tax-exempt. Normally, the law also allows the taxpayer to deduct expenses incurred for the production of income. Get Accounting homework help today

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