Helen Derby borrowed $150,000 to acquire a parcel of land to be held for investment purposes. During the current

year, she reported AGI of $90,000 and paid interest of $12,000 on the loan. Other items related to Helen’s investments include the following:

Interest and annuity income ——– $11,000

Long-term capital gain on sale of stock ———– $3,500

Real estate tax on the investment land ———– $200

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