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Business, 21.04.2020 23:37 Uwa

Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Fortes' income for the year consists of $119,300 in salary, $650 interest income, $1,150 nonqualifying dividends, and $650 long-term capital gains. The Fortes' expenses for the year consist of $2,650 in investment interest expense and $830 in tax preparation fees. Assuming that the Fortes' marginal tax rate is 32 percent and they make no special elections, what is the amount of investment interest expense deduction for the year

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