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Margaret Lindley paid $15,700 of interest on her $300,000 acquisition debt for her home (fair market value of $500,000), $5,400 of interest on her $60,000

Margaret Lindley paid $15,700 of interest on her $300,000 acquisition debt for her home (fair market value of $500,000), $5,400 of interest on her $60,000 home-equity debt used to buy a new boat and car, $1,140 of credit card interest, and $3,280 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,140 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?

$25,520.

$24,380.

$21,100.

$18,980.

None of the choices are correct.

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