Determine amount of investment interest expense


Response to the following problem:

Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Clicks income for the year consists of $90,000 in salary, $2,000 interest income, $800 long-term capital loss. The Clicks expenses for the year consist of $1,500 investment interest expense. Assuming that the Clicks marginal tax rate is 35%, what is the amount of their investment interest expense deduction for the year?

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Financial Accounting: Determine amount of investment interest expense
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