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Stephanie a taxpayer in the 28 marginal tax bracket borrows

Question - Stephanie, a taxpayer in the 28% marginal tax bracket, borrows $100,000 at 7% interest to invest in 6% tax-exempt municipal bonds (annual loan interest expense is $7,000). What is Stephanie's interest expense deduction?

a. $0

b. $1,000

c. $6,000

d. $7,000

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Accounting Basics: Stephanie a taxpayer in the 28 marginal tax bracket borrows

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Accounting Basics: Stephanie a taxpayer in the 28 marginal tax bracket borrows

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