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Income Tax Planning
Chapter 7: Itemized Deductions/EXPENSE & INTEREST TO GENERATE TAX-EXEMPT
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 7: Itemized Deductions

EXPENSE & INTEREST TO GENERATE TAX-EXEMPT

01.Core Concepts

INCOME • Not deductible for regular tax purposes • If municipal bond interest is taxable when the AMT applies, the taxpayer may deduct interest expense incurred in purchasing the municipal bonds. • Other expenses associated with the purchase of tax-exempt securities are not deductible.