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Sebastian paid interest of $3,500 to Merrill Lynch for borrowing to purchase taxable investments. His investment income for the year is $3,000, consisting of interest
Sebastian paid interest of $3,500 to Merrill Lynch for borrowing to purchase taxable investments. His investment income for the year is $3,000, consisting of interest income and short-term capital gains. His investment expenses total $600, consisting of advisory fees. What is Sebastians investment interest deduction on Schedule A?
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