The Crane family recognized the following types of investment income during 20X6: (1)$1,440 qualified dividends, (2)$2,840 long-term capital gains, and (3)$690 taxable interest. Additionally, the Crane family has $1,300 in investment expenses for the year. The Crane family paid $2,485 in investment interest expense during 20X6. Calculate the different possibilities to determine the maximum deduction for investment interest expense for the Crane family in 20X6. From these possibilities, which provides the maximum deduction?

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The Answer of The Crane family recognized the following types of investment income during 20X6: (1)$1,440 qualified dividends, (2)$2,840 long-term capital gains, and (3)$690 taxable interest. Additionally, the Crane family has $1,300 in investment expenses for the year. The Crane family paid $2,485 in investment interest expense during 20X6. Calculate the different possibilities to determine the maximum deduction for investment interest expense for the Crane family in 20X6. From these possibilities, which provides the maximum deduction?

The Crane Family Recognized the Following Types of Investment Income