How do these amounts affect rachels taxable income, Business Management

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How do these amounts affect rachels taxable income

Problem

During the year, Rachel earned $18,000 of interest income on private activity bonds that she purchased in 2016. However, she also incurred an interest expense of $7,000 in connection with amounts borrowed to purchase the bonds.

How do these amounts affect Rachel's taxable income? Could there be a related beneficial effect in calculating AMT? Explain.

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Business Management: How do these amounts affect rachels taxable income

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Business Management: How do these amounts affect rachels taxable income

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