Troy 's 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 Troy 's net investment income and his current investment in...

Interest income from bank savings account 900 Taxable annuity receipt ...

Troy's financial records for the year reflect the following: Interest income from bank savings account ........................... $

Question:

Troy's financial records for the year reflect the following:
Interest income from bank savings account ........................... $ 900
Taxable receipts ................................................. 1,800
Safe deposit box rental (to hold documents) ................ 125
Investment interest expense ............................................. 3,200
Calculate Troy's 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?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...