25. For the year ended December 31, 2020, David, a married taxpayer filing a joint return, reported the following: Investment income from taxable interest $50,000 Investment expenses (advisor) $5,000 Interest expense on funds borrowed in 2020 to purchase investment property $50,000 What is the maximum amount that David can deduct in 2020 as investment interest expense? a. $50,000 b. $30,000 c. $45,000 d. $25,000 e. None of the above 26. (3 pts) On April 23, 2020. Bailey purchased a luxury automobile (under 6,000 lbs) for $32,000. The car is used 80% for business and 20% for personal use. What is the cost recovery deduction for 2020 assuming the 100% bonus was taken? 27. (4 pts): The Johnson's had AGI in 2020 of $110,000 and they had the following charitable contributions: SHOW ALL WORK Cash: Church Red Cross United Way $24,000 1,500 3,500 Long-term Property: Church FMV 34,000 Cost 13,000 Determine the allowable charitable deduction for 2020