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13) For the year ended December 31, 2020, Terrance, a single professional, reported the following: Net investment income from interest, $14,000 Other expenses unrelated to
13) For the year ended December 31, 2020, Terrance, a single professional, reported the following: Net investment income from interest, $14,000 Other expenses unrelated to the generation of interest, 56,000 Investment interest expense on funds borrowed in 2019 to purchase stocks and bonds, S15,000 What is the maximum amount that Terrance can deduct in 2020 as investment interest expense? A) $6,000 B) $8,000. C) $14,000 D) $15,000
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