question 8

nep Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Fortes'income for the year consists of $120,100 in salary, 51050 interest income $1550 nonqualifying dividends, and $1.200 long term capital gains. The Fortes' expenses for the year consist of $3,050 in investment interest expense and $10 in tax preparation fees. Assuming that the Fortes' marginal tax rate is 32 percent and they make no specul elections, what is the amount of investment interest expense deduction for the year? Multiple Choice 10 $1050 52.600 $3,050 None of the choices are correct