If you are a dealer in taxable bonds (or anyone who holds them mainly for sale to customers in the ordinary course of a trade or business or who would properly include bonds in inventory at the close of the tax year) cannot claim a deduction for amortizable bond premium.
For more information on bond premium amortization, please refer to page 34 of IRS Publication 550 - "Investment Income and Expenses (Including Capital Gains and Losses) at the following link:
https://www.irs.gov/pub/irs-pdf/p550.pdf
