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Part I. Total Investment Interest Expense
Line 1. Investment interest expense
paid or accrued in 2000 $92,036
Line 2. Disallowed investment interest
expense from 1998 Form 4952, line 7 1---
Line 3. Total investment interest expense 92,036
Part II. Net Investment Income
Line 4a. Gross income from property held for
investment (excluding any net gain from the
disposition of property held for investment) 43,271
Line 4b. Net gain from the disposition
of property held for investment $ ---
Line 4c. Net capital gain from the
disposition of property held for
investment ---
Line 4d. Subtract line 4c from line 4b ---
Line 4e. Enter all or part of the amount
on line 4c that you elect to include
in investment income ---
Line 4f. Investment Income.
Add lines 4a, 4d, and 4e. 43,271
Line 5. Investment expenses ---
Line 6. Net investment income.
Subtract line 5 from line 4f. 43,271
Part III. Investment Interest Expense Deduction
Line 7. Disallowed investment interest
expense to be carried forward to 2001.
Subtract line 6 from line 3. 48,765
Line 8. Investment interest expense deduction.
Enter the smaller of line 3 or 6. 43,271
1 Petitioners did not carry forward the disallowed investment interest
expense of $32,592 from 1999.
Petitioners timely filed their Form 1040 for the taxable
year 2001. Petitioners attached to their return Schedule A and
claimed an investment interest expense deduction of $42,039.
Petitioners calculated this amount on an attached Form 4952 as
shown below:
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Last modified: May 25, 2011