Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $29,

Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $29,200 during the year. Income generated through the brokerage account was as follows:

Municipal interest $58,400
Taxable dividends and interest 292,000

 

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 Tobias deduct?

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