Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,125 in investment expenses. They also incur $4,875 of investment interest expense during the year. The Porters income for the year consists of $172,500 in salary and $4,075 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 ($2,525) long-term capital loss?