Phoebe's AGI for the current year is $120,000.Included in this AGI is $100,000 salary and $20,000 of interest income.In earning the investment income,Phoebe paid investment interest expense of $30,000.She also incurred the following expenditures subject to the 2% of AGI limitation:
Investment expenses: Noninvestment expenses: What is Phoebe's investment interest expense deduction for the year?

Question

Phoebe's AGI for the current year is $120,000.Included in this AGI is $100,000 salary and $20,000 of interest income.In earning the investment income,Phoebe paid investment interest expense of $30,000.She also incurred the following expenditures subject to the 2% of AGI limitation:
Investment expenses:  Noninvestment expenses:  What is Phoebe's investment interest expense deduction for the year?

Quizplus · Accepted Answer

The Answer of Phoebe's AGI for the current year is $120,000.Included in this AGI is $100,000 salary and $20,000 of interest income.In earning the investment income,Phoebe paid investment interest expense of $30,000.She also incurred the following expenditures subject to the 2% of AGI limitation:
Investment expenses:  Noninvestment expenses:  What is Phoebe's investment interest expense deduction for the year?

Phoebe's AGI for the Current Year Is $120,000