4. Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,500 in employment-related miscellaneous itemized deductions. They also incur $5,500 of investment interest expense during the year. The Porters income for the year consists of $180,000 in salary, and $4,600 of interest income.

a. What is the amount of the Porters investment interest expense deduction for the year?

Investment interest expense deduction: ?

b. What would their investment interest expense deduction be if they also had a ($2,700) long-term capital loss?

Investment interest expense deduction: ?