Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,350 in investment expenses. They also incur $5,250 of investment interest expense during the year. The Porters' income for the year consists of $177,000 in salary and $4,390 of interest income. Problem 7-56 Part-a a. What is the amount of the Porters' investment interest expense deduction for the year?
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