Gazoo incurred $58,500 of interest expense related to his in…
Gazoo incurred $58,500 of interest expense related to his investments. He has the following income: $15,000 interest income, $19,000 of annuity income, and a $22,500 net capital gain on the sale of stocks. Gazoo also has investment related expenses of $2,000. Gazoo makes no elections. Which of the following is correct?