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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Related Book For
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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