Mickey and Jenny Porter file a joint tax return, and they itemize deductions.

11. Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in employment-related miscellaneous itemized deduc- tions. They also incur $3,000 of investment interest expense during the year. The Porters’ income for the year consists of $150,000 in salary, and $2,500 of interest income.a) What is the amount of the Porters’ investment interest expense deduction for the year?b) What would their investment interest expense deduction be if they also had a ($2,000) long-term capital loss?

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