Essentials of Federal Income Taxation 1. Points. (Obj. 4) During 2016, Lee borrowed money on two different occasions from thel bank. She took out the first loan on March 1, 2016 to purchase land for a place to horses and livestock as an investment activity. Lee paid $33,000 for th payment of $6,000 and borrowing $27,000 for 10 years at 9% interest lo obtain a lower interest rate on the loan, she was required to pay two points, totaling $540 (2% x $27,000 In August, 2016, Le was $48,000 at )to get a lower interest rate. graze e land, making a down e bought a new house that she uses as her main home. Her 890 for 20 years. Lee paid the lender one point, or $480 (190 x $48,000 ortgage Determine the amount of points Lee may use as a 2016 interest deduction in connection with the two loans. a. b. What happens to any amount of points not deducted in 2016