Question

Ms. Reid borrowed $50,000 from a broker to purchase Lero Inc. common stock. This year, she paid $3,900 interest on the debt. Compute her itemized deduction for this interest in each of the following cases:
a. The Lero stock paid a $1,100 dividend this year, and Ms. Reid had no other investment income.
b. Ms. Reid’s only investment income was $690 interest on a certificate of deposit.
c. Ms. Reid’s only investment income was a $4,900 ordinary dividend from her investment in Koal Mutual Fund.


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  • CreatedNovember 03, 2015
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