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22-07-2024
Mathematics

Answered

Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,725 in investment expenses. They also incur $5,875 of investment interest expense during the year. The Porters' income for the year consists of $184,500 in salary and $4,915 of interest income.
a. What is the amount of the Porters' investment interest expense deduction for the year?

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