For 2021, Sherri has a short-term loss of $2,310 and a long-term loss of $4,800. Problem 7-50 Part-a (Algo) a. How much loss can Sherri deduct in 2021? Deductible loss $ 4,800 For 2021, Sherri has a short-term loss of $2,310 and a long-term loss of $4,800. Problem 7-50 Part-b (Algo) b. How much loss will Sherri carry over to 2022, and what is the character of the loss carryover? Long term capital loss Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,350 in investment expenses. They also incur $5,250 of investment interest expense during the year. The Porters' income for the year consists of $177,000 in salary and $4,390 of interest income. Problem 7-56 Part-a (Algo) a. What is the amount of the Porters' investment interest expense deduction for the year? Investment interest expense deduction $ 0 55 Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,350 in investment expenses. They also incur $5,250 of investment interest expense during the year. The Porters' income for the year consists of $177,000 in salary and $4,390 of interest income. Problem 7-56 Part-b (Algo) b. What would their investment interest expense deduction be if they also had a ($2,630) long-term capital loss? Investment interest expense deduction $