Determine the amount of the donation deduction for each of the following situations: (Assume all organizations are qualified public charities)

     A. Personal furniture given to a local church. FMV $500 basis $2,000

     B. A coin collection given to the YMCA. FMV $3,000 basis $1,000  

     C. Stock held or 5 years given to a local charity. FMV $5,000 basis $2,000

     D. Stock held for 5 months given to a local charity. FMV $5,000, basis 2,000

     E. An oil painting with a FMV $100,000 basis $40,000. The painting

       is given to museum and the museum plans to display the painting.

     F. Same as (E) above except the painting is given to the Heart Association to be

       sold at the annual fundraising event.

  8. Briefly explain how the mortgage interest deduction works.

  9. Briefly explain how the investment interest deduction works.