For the current tax year, David, a married taxpayer filing a joint return, reported the following: Investment income from interest $24,000 Investment expenses other than interest $3,000 Interest expense on funds borrowed 10 years ago to purchase investment property $70,000 What is the maximum amount that David can deduct in the current year as investment interest expense? a.$21,000 b.$7,000 c.$20,000 d.$24,000 e.None of these choices are correct.
