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 $3,050 in investment expenses. They also incur $4,750 of investment interest expense during the year. The Porters' income for the year consists of $171,000 in salary and $3,970 of interest income. Problem 7-56 Part-a (Algo) a. What is the amount of the Porters' investment interest expense deduction for the year? Investment interest expense deduction 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 $3,050 in investment expenses. They also incur $4,750 of investment interest expense during the year. The Porters" income for the year consists of $171,000 in salary and $3,970 of interest income. Problem 7-56 Part-b (Algo) b. What would their investment interest expense deduction be if they also had a ($2,490) long-term capital loss? Investment interest expense deduction 780