Question 1
Phuong has the following sources of investment income:
Barring any special elections, how much of the investment income will be included in calculating net investment income for purposes of the investment interest expense limitation?
◦ $2,000
◦ $7,000
◦ $$5,000
◦ $15,000
Question 2
Riva borrows $10,000 that she intends to use for purchasing supplies for her business. She temporarily deposits the funds in her personal checking account. Prior to the deposit, the checking account held $40,000 of personal funds. Riva books a vacation for $6,000 and writes a check to the travel agency from her personal account. Later in the month, the business supplies bill arrives and Riva writes a check for $10,000 from the personal account. With respect to the interest expense on the $10,000 loan,
◦ it will all be treated trade or business expense.
◦ 60 percent will be treated as personal interest expense and 40 percent as trade or business expense.
◦ it will all be treated as personal expense.
◦ 20 percent will be treated trade or business expense.
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