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Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $38,800 during the year. Income generated through the

Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $38,800 during the year. Income generated through the brokerage account was as follows:

Municipal interest	$77,600
Taxable dividends and interest	388,000

How much investment interest can Tobias deduct?

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