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Required information

Problem $7-56($LO $7-3)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $$2,375$ in investment

expenses. They also incur $$3,625$ of investment interest expense during the year. The Porters' income for the year

consists of $$157,500$ in salary and $$3,025$ of interest income.

Problem $7-56$ Part$-$a $($Algo$)$

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 $($$$2,175)$ long$-$term capital loss?