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Rich and Shauna Nielson file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielsons incur $2,650 in miscellaneous itemized deductions, excluding investment expenses. They also incur $1,800 in noninterest investment expenses during the year. What tax savings do they receive from the investment expenses under the following assumptions:

a) Their AGI is $97,000

b) Their AGI is $150,250.

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Accounting Basics, Accounting

Category:- Accounting Basics
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