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Required information

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

IThe following information applies to the questions displayed below$]$

Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $$2,900$ in investment expenses. They also incur $$4,500$ of investment interest expense during the year. The Porters' income for the year consists of $$168,000$ in salary and $$3,760$ of interest income.

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

b$.$ What would their investment interest expense deduction be if they also had a $$2,420)$ long$-$term capital loss?

Investment interest expense deduction

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$740$