Douglas and Dena Paid the Following Amounts of Interest During

question 56

Essay

Douglas and Dena paid the following amounts of interest during the current year: $$\begin{array} { l r } \text { Qualified home mortgage interest } & \$ 14,000 \\\text { Other consumer interest } & \$ 5,000 \\\text { Investment interest } & \$ 10,000 \\\text { (no investment income) } &\end{array}$$ ​
a.Calculate the amount of their allowable deduction for investment interest for the current year.
b.Calculate the amount of Douglas and Dena's total allowable deduction for interest for the current year.

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Definitions:

Hypothalamus

A region of the brain that regulates bodily functions such as temperature, hunger, and thirst, and is involved in controlling the pituitary gland.

Regulated

Controlled or governed according to rules or principles, often to maintain order or achieve a desired outcome.

Master Gland

Often referred to the pituitary gland, it regulates crucial body functions and other endocrine glands.

Pituitary Gland

A pea-sized gland located at the base of the brain, crucial for regulating vital body functions and general wellbeing through hormone secretion.