Indicate whether the following statements are "True" or "False" regarding investment interest expense and the basic rules that may limit its deductibility.

a$.$The deduction for investment interest allowed during the tax year is limited to the lesser of the investment interest paid or net investment income.

TrueFalse

b$.$Net investment income is the excess of investment income over investment interest expense.

TrueFalse

c$.$Investment interest is paid on debt borrowed for the purpose of purchasing or continuing to hold investment property.

TrueFalse

d$.$Investment expenses are those deductible expenses directly connected with the production of investment income, such as brokerage and investment counsel fees.

TrueFalse