One of the uses of the preposition "of" is: - Possession: a friend of mine / the sound of music Therefore, the use of "of" in the expression "The arguments OF the passage" is appropriate and acceptable. It means 'the arguments that are found in the passage / that belong to the passage'. However, we would usually use "The arguments IN the passage".

Either are fine. In most situations, they would be exactly the same. There may be subtle differences between the arguments actually written IN the passage and arguments that may be OF the passage but not directly written. I hope that is not confusing.