1. Troy's financial records for the year reflect the following:
2. Interest income from bank savings account $1,960
3. Taxable annuity receipts $3,920
4. City ad valorem property tax on investments $294
5. Investment interest expense $6,860
6. Calculate Troy's net investment income and his current investment interest deduction. How is any potential excess investment interest deduction treated?
7. Troy's net investment income is $ and his investment interest deduction is $. Any potential excess investment interest expense not deducted this year is