LO.3 During the current year, Yoon earned $10,000 in dividends on corporate stock and incurred $13,000 of
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LO.3 During the current year, Yoon earned $10,000 in dividends on corporate stock and incurred $13,000 of investment interest expense related to the stock holdings. Yoon also earned $5,000 interest on private activity bonds that were issued in 2007 and incurred interest expense of $3,500 in connection with the bonds.
a. How much investment interest expense can Yoon deduct for regular income tax and AMT purposes for the year?
b. What is the adjustment for AMT purposes?
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Related Book For 
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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