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Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $ 2 , 9 7 5 in investment expenses.

Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,975 in investment expenses. They also incur $4,625 of investment interest expense during the year. The Porters' income for the year consists of $169,500 in salary and $3,865 of interest income.
a. What is the amount of the Porters' investment interest expense deduction for the year? b.What would their investment interest expense deduction be if they also had a ($2,455) long-term capital loss?

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