$1$

Required information

Problem $7-56($LO $7-3)($Algo$)$

$[$The following information applies to the questions displayed below$]$

Mickey and Jenny Porter file a joint tax return, and they themize deductions. The Porters incur $$2\mathrm{.}675$ in investment expenses. They also incur $$4,125$ of investment interest expense during the year. The Porters' income for the year consists of $$163,500$ in salary and $$3,445$ of interest income.

Problem $7-56$ Part$-$a $($Algo$)$

a$.$ What is the amount of the Porters' investment interest expense deduction for the year?

Investment interest expense deduction

$1$

Required information

Problem $7-56($LO $7-3)($Algo$)$

$($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 $$2,675$ in investment expenses. They also incur $$4,125$ of investment interest expense during the year. The Porters' income for the year consists of $$163,500$ in salary and $$3,445$ of interest income.

Problem $7-56$ Part$-$b $($Algo$)$

b$.$ What would their investment interest expense deduction be if they also had a $($ $$2,315)$ long$-$term capital loss?

Investment interest expense deduction