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A taxpayer may deduct the interest paid on funds borrowed to purchase securities only if: a) The taxpayer has a legal obligation to pay the

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A taxpayer may deduct the interest paid on funds borrowed to purchase securities only if: a) The taxpayer has a legal obligation to pay the interest. b) The purpose of borrowing the funds is to earn income. c) Both a) and b) are necessary. d) Neither a) nor b) are correct

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