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Required information Skip to question [The following information applies to the questions displayed below.] Mickey and Jenny Porter file a joint tax return, and they
Required information
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[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.
a. What is the amount of the Porters investment interest expense deduction for the year?
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