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Brandon and Jane Forte file a joint tax return and decide to itemize their deductions....

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Accounting

Brandon and Jane Forte file a joint tax return and decide to itemize their deductions. The Fortes' income for the year consists of $120,700 in salary, $1,350 interest income, $1,850 nonqualifying dividends, and $1,800 long-term capital gains. The Fortes' expenses for the year consist of $3,350 in investment interest expense and $970 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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