1) This year Darcy made the following charitable contributions: Donee Property Cost FMV State University IBM stock $15,000 $10,500 Salvation Army clothes 2,500 500 State Art Museum painting 5,000 45,000 City Hospital cash 8,000 Determine the maximum amount of charitable deduction for Darcy's contribution of the painting if her AGI is $80,000 this year. You may assume that both the stock and painting have been owned for 10 years and that the painting was used by the State Art Museum consistent with museum's charitable purpose. Learning Objective: 06-02 Describe the different types of itemized deductions available to individuals.

2) Henry, a single taxpayer with a marginal tax rate of 35 percent (taxable income is $300,000 before considering any of the items below), sold the following assets during the year:

Asset	Sale Price		Tax Basis			Gain/Loss				Holding Period
ABC Stock	$	50,000	$	25,000			$	25,000			More than 1 Year
XYZ Stock	$	12,000	$	9,000			$	3,000			Less than 1 Year
Stamp Collection	$	10,000	$	5,000			$	5,000			More than 1 Year
RST Stock	$	13,000	$	19,000			$	(6,000	)		Less than 1 Year
Rental Home	$	100,000	$	50,000	*		$	50,000			More than 1 Year

*$25,000 of the gain is a 25 percent gain. The remaining gain is 0/15/20 percent gain.

What tax rate(s) will apply to Henry's capital gains or losses?

Learning Objective: 07-02 Compute the tax consequences associated with the disposition of capital assets, including the netting process for calculating gains and losses.

PLEASE SHOW HOW YOU GOT ANSWERS!!!