Jamie is single. In 2024, she reported $100,250 of taxable i…

Jamie is single. In 2024, she reported $100,250 of taxable income, including a long-term capital gain of $5,500. The remainder of the taxable income is from ordinary sources. What is her gross tax liability? (Here’s a link to the tax rate schedule). Round your answer to the nearest whole dollar amount.

Kerry has a brokerage account and buys on margin (i.e., borr…

Kerry has a brokerage account and buys on margin (i.e., borrows from the broker), which resulted in an interest expense of $50,000 during 2024.  Income generated in 2024 through the brokerage account was as follows: Taxable Interest                                 $15,000Short-term capital gains                   $30,000 Kerry had no other investment income.  How much investment interest can Kerry deduct in 2024?