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Please help me fill in those blanks. Thank you for your help. Helen Derby borrowed $150,000 to acquire a parcel of land to be held
Please help me fill in those blanks. Thank you for your help.
Helen Derby borrowed $150,000 to acquire a parcel of land to be held for investment purposes. During the current year, she reported AGI of $90,000 and paid interest of $12,000 on the loan. Other items related to Helen's investments include the following: Helen is unmarried, does not itemize her deductions and does not elect to treat the capital gain as investment income. Helen did not have a disallowed investment interest expense amount from the prior a. Helen's net investment income is $ . Helen's investment interest expense deduction in the current year is c. Complete Helen's Form 4952 for the current year. For this purpose, assume that she chooses not to include the long-term capital gain as investment income. - Enter all amounts as positive numbers. - If an amount is zero, enter "0". Part III Investment Interest Expense Deduction Helen Derby borrowed $150,000 to acquire a parcel of land to be held for investment purposes. During the current year, she reported AGI of $90,000 and paid interest of $12,000 on the loan. Other items related to Helen's investments include the following: Helen is unmarried, does not itemize her deductions and does not elect to treat the capital gain as investment income. Helen did not have a disallowed investment interest expense amount from the prior a. Helen's net investment income is $ . Helen's investment interest expense deduction in the current year is c. Complete Helen's Form 4952 for the current year. For this purpose, assume that she chooses not to include the long-term capital gain as investment income. - Enter all amounts as positive numbers. - If an amount is zero, enter "0". Part III Investment Interest Expense DeductionStep by Step Solution
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