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Murphy has a brokerage account and buys on the margin, which resulted in an interest expense of $40,000 during the year. Income generated through the
Murphy has a brokerage account and buys on the margin, which resulted in an interest expense of $40,000 during the year. Income generated through the brokerage account was as follows:
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If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar.
How much investment interest can Murphy deduct? $
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