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 Clicks' income for the year consists of $89,600 in salary, $1,800 interest income, and $760 long-term capital loss. The Clicks' expenses for the year consist of $1,625 investment interest expense. Assuming that the Clicks' marginal tax rate is 35 percent, what is the amount of their investment interest expense deduction for the year?
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