Question
Troys financial records for the year reflect the following: Interest income from bank savings account $ 900 Taxable annuity receipts 1,800 Safe deposit box rental
Troys financial records for the year reflect the following:
Interest income from bank savings account $ 900
Taxable annuity receipts 1,800
Safe deposit box rental (to hold annuity documents) 125
Investment interest expense 3,200
Calculate Troys net investment income and his current investment interest deduction. Assume that Troy does not itemize his personal deductions. How is any potential excess investment interest deduction treated?
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Frank Woods Business Accounting Volume 1
Authors: Alan Sangster, Frank Wood
13th Edition
1292084669, 9781292084664
