Tony is married and files a joint tax return. His current investment interest expense of $95,000 is related to a loan used to purchase a parcel of unimproved land. Income from investments [dividends (not qualified) and interest] total $18,000 and miscellaneous itemized deductions (after adjustment for the 2%-of-AGI floor) amount to $2,800. In addition to the $1,400 of investment expenses included in miscellaneous itemized deductions, Tony paid $3,600 of real estate taxes on the unimproved land. He also has a $4,500 net long-term capital gain from the sale of another parcel of unimproved land. Tonys maximum investment interest deduction for the year is:

a. $95,000.

b. $18,000.

c. $17,500.

d. $13,000.

e. None of the above.