Iaxpayer T borrows $$150,000$ from Citibank and uses the proceeds to purchase City of New York bonds. The interest T pays on this loan is deductible as investment interest subject to the investment interest limits$.$

a$.$ True

b$.$ False

Jack owns a $10\%$ interest in a partnership $($not real estate$)$ in which his at$-$risk amount is $$42,000$ at the beginning of the year. During the year, the partnership borrows $$80,000$ on a