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:
What is Phoebe's investment interest expense deduction for the year?
Definitions:
Startup Entrepreneur
An individual who initiates, organizes, and launches a new business, typically characterized by innovation and significant risk.
Bootstrapper
An individual who starts a business using limited resources and without significant external financial support.
Resource Ownership
The legal rights to possess, use, and dispose of resources such as land, buildings, goods, or intellectual property.
Corporation
A legal entity that is separate from its owners, with its own rights and responsibilities, allowing it to own property, sue or be sued, and enter contracts.
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