Doug and Sue Click file a joint tax return and decide to itemize their deductions....
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Accounting
Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Click's income for the year consists of $90,300 in salary, $2,150 interest income, $830 long-term capital loss. The Click's expenses for the year consist of $1,350 investment interest expense. Assuming that the Click's marginal tax rate is 35 percent, what is the amount of their investment interest expense deduction for the year? Multiple Choice $1,320. $1,350. $2,150. $2,180. None of the choices are correct.
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