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?
Definitions:
Complex Feeding
Refers to the intricate interactions and food webs in ecosystems, involving multiple levels of producers, consumers, and decomposers.
Biological Diversity
The variety and variability of life on Earth, including diversity within species, between species, and of ecosystems.
Biodegradable
Materials that can be broken down into natural elements by microorganisms over time, without harming the environment.
Decomposers
Organisms such as fungi and bacteria that break down dead organic material, returning nutrients to the ecosystem.
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