Question
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
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.
What is the amount of the Porters' investment interest expense deduction for the year?
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Financial Accounting Tools For Business Decision-Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Canadian Edition
0470833378, 978-0470833377
