Brandon and Jane Forte file a joint tax return and decide to itemize their deductions....
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Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Forte's income for the year consists of $119,100 in salary, $550 interest income, $1,050 nonqualifying dividends, and $550 long-term capital gains. The Forte's expenses for the year consist of $2,550 investment interest expense and $810 tax preparation fees. Assuming that the Forte's marginal tax rate is 30% and they make no special elections, what is the amount of investment interest expense deduction for the year? Multiple Choice Zero. $550. $1,600. $2,550. None of the cholces are correct
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