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:
Non-investment expenses:
What is Phoebe's investment interest expense deduction for the year?
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