Phoebe's AGI for the Current Year Is $120,000

question 108

Essay

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

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Definitions:

Disjunction

An operation in logic that returns true when a minimum of one input is true.

Tautologies

Statements that are true under any possible valuation of their components in logic.

Biconditional

A logical statement that is true only if both the conditions it connects are either true or false.

Tautology

A proposition that is inherently true due to its logical structure or necessity, frequently restating the same concept using varied terminology.