Phoebe's AGI for the current year is $140,000. Included in this AGI is $100,000 salary, $20,000 of interest income earned on bank accounts, $12,000 of dividend income, a short- term capital gain of $2,000 and a long- term capital gain of $6,000. In earning the investment income, Phoebe paid investment interest expense of $30,000.
What is Phoebe's investment interest expense deduction for the year, assuming no special elections are made?

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The Answer of Phoebe's AGI for the current year is $140,000. Included in this AGI is $100,000 salary, $20,000 of interest income earned on bank accounts, $12,000 of dividend income, a short- term capital gain of $2,000 and a long- term capital gain of $6,000. In earning the investment income, Phoebe paid investment interest expense of $30,000.
What is Phoebe's investment interest expense deduction for the year, assuming no special elections are made?

Phoebe's AGI for the Current Year Is $140,000