Tony Is Married and Files a Joint Tax Return for 2012

question 97

Multiple Choice

Tony is married and files a joint tax return for 2012. He has investment interest expense of $95,000 for a loan made to him in 2012 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 2012.

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

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Definitions:

Sexual Orientation

A person's emotional, romantic, or sexual attraction to individuals of a specific gender, multiple genders, or none.

Oral Sex

Sexual activity involving stimulation of the genitalia by the use of the mouth, lips, or tongue.

Lesbians

Women who are emotionally, romantically, or sexually attracted to other women.

Erectile Dysfunction

A medical condition where a man is unable to achieve or maintain an erection suitable for sexual intercourse.