For 2019,Thomas, a single parent, reported the following amounts relating to his investments: Net investment income........................................................................................$7,000 Interest

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For 2019,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 to purchase land for investment..........6,000

What is the maximum amount that Thomas could deduct in 2019 as investment interest expense?

a. $1,000

b.$2,000

c. $6,000

d. $7,000

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Fundamentals Of Taxation 2020 Edition

ISBN: 9781260483147

13th Edition

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

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