Tony Is Married and Files a Joint Tax Return for 2011.He

question 54

Multiple Choice

Tony is married and files a joint tax return for 2011.He has investment interest expense of $95,000 for a loan made to him in 2011 to purchase a parcel of unimproved land.His income from investments [dividends (not qualified) and interest] totaled $18,000.Tony paid $3,600 of real estate taxes on the unimproved land.Tony also has a $4,500 net long-term capital gain from the sale of stock held as an investment.Calculate Tony's maximum investment interest deduction for 2011.

• A) $95,000.
• B) $22,500.
• C) $18,900.
• D) $18,000.
• E) None of the above.

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CKD

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A suffix used in medical terms to denote the surgical crushing of a stone or calculus.