7. Would any of the following items be deductible on an individual's income tax return? If so, would the item be deductible for or from AGI? Explain any limits each item. Y or N Deductible For or From AGI Explain Gambling losses of $2,200 with one jackpot payout of $750. Interest of $4,000 on money borrowed to purchase land held for investment. 8. Jack Sprat has adjusted gross income of $39,000. During 2020, Jack contributed $4,000 in cash to his church and stock with a fair market value of $26,000 to the Salvation Army. The stock had cost Jack $16,000 5 years ago. What is Jack's potential itemized deduction for charitable contributions in 2020 and how does it affect future years?