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Will the IRS say that withdrawl (which increases my margin by $X) was not a qualified investment purpose, and thus disallow deduction of the interest on that $X?

As long as you can show that the balance at any point in time was actually used to purchase/leverage stock, there should be no problem. Since you put more of your money in, you actually decreased your margin balance for that period of time and caused less interest to be charged to your account. To make sure your interest is deductible, you have to fund your margin account by either dividends posted to it or some of your money to equal the interest, otherwise, you have used the margin loan to pay the interest which would make it non-deductible.
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