For 2017, Thomas, a single parent, reported the following amounts relating to his investments: Net investment income....................................................................................................$7,000

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For 2017, Thomas, a single parent, reported the following amounts relating to his investments:

Net investment income....................................................................................................$7,000

Interest expense on a loan to purchase stocks.................................................................2,000

Interest expense on funds borrowed in 2017 to purchase land for investment.................6,000


What is the maximum amount that Thomas can deduct in 2017 as investment interest expense?

a. $1,000

b. $2,000

c. $6,000

d. $7,000

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Fundamentals Of Taxation 2018

ISBN: 9781259713736

11th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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