Mr$.$ and Mrs$.$ Poe earned $$115,900$ compensation income and $$963$ interest this year and recognized a $$600$ short$-$term capital gain

and a $$7,200$ long$-$term capital gain on the sale of securities$.$ They incurred $$4,400$ innestment interestentense and $$25,500$ other

itemized deductions. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends:

Required:

a$.$ Compute the Poes' income tax on a joint return if they don't elect to treat long$-$term capital gain as investment income.

b$.$ Compute the Poes' income tax if they elect to treat enough long$-$term capital gain as investment income to allow them to deduct

their investment interest.

Complete this question by entering your answers in the tabs below.

Required A

Compute the Poes' income tax if they elect to treat enough long$-$term capital gain as investment income to allow them to

deduct their investment interest.

Note: Round your intermediate calculations to the nearest whole dollar amount. Round your final answer to nearest whole

dollar amount.Mr$.$ and Mrs$.$ Poe earned $$115,900$ compensation income and $$963$ interest this year and recognized a $$600$ short$-$term capital gain and a $$7,200$ long$-$term capital gain on the sale of securities$.$ They incurred $$4,400$ investment interest expense and $$25,500$ other itemized deductions. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends.

Required:

Compute the Poes$$ income tax on a joint return if they don$$t elect to treat long$-$term capital gain as investment income.

Compute the Poes$$ income tax if they elect to treat enough long$-$term capital gain as investment income to allow them to deduct their investment interest.