Raul Is Married and Files a Joint Tax Return

question 47

Multiple Choice

Raul is married and files a joint tax return. His current investment interest expense of $95,000 is related to a loan used to purchase a parcel of unimproved land. Income from investments [dividends (not qualified) and interest] total $18,000. Raul paid $5,000 of real estate taxes on the unimproved land. He also has a $4,500 net long-term capital gain from the sale of another parcel of unimproved land. Raul's maximum investment interest deduction for the year is:

• A)$95,000.
• B)$18,000.
• C)$17,500.
• D)$13,000.
• E)None of the above.

---

Definitions:

Summary Report

A concise document that presents the key findings, results, or data from a larger set of information or analysis.

Reports Center

A feature in accounting software that centralizes access to various financial reports and analyses.

Customers List

A compilation of information regarding a company's customers, including contact details, order history, and preferences, used for sales and customer service.

Add Job

The process of creating or setting up a new job or project within a software application or system.