Question: Exercise 10-5 (Algorithmic) (LO. 2) Troy's financial records for the year reflect the following: Interest income from bank savings account $1,160 Taxable annuity receipts 2,320

Exercise 10-5 (Algorithmic) (LO. 2) Troy's financial records for the year reflect the following: Interest income from bank savings account $1,160 Taxable annuity receipts 2,320 City ad valorem property tax on investments 174 4,060 Investment interest expense Calculate Troy's net investment income and his current investment interest deduction. How is a deduction for any potential excess investment interest treated? Troy's net investment income is $ 3,306 and his investment interest deduction is s investment interest expense not deducted this year is carried forward . Any potential excess Exercise 10-5 (Algorithmic) (LO. 2) Troy's financial records for the year reflect

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