Dolly is a cash basis taxpayer In 2015 she filed her 2014 South caralina income tax retum and recived a $2.200 refund Dolly took the standard deductiom on her 2014 federal income tax retum but will itemize her deductions in 2015 Molly a cash basis taxpayer, also filed her 2014 South Carolina income tax return in 2015 and received a $600 refund. Molly had $ 12,000 in itemized deductions on her 2014 Federal income tax retun, but will take the standard deduction in 2015. How does the tax benefit rule apply to dolly's and Molly's situations? Explain. Ralph has experienced financial difficulties as a result of his struggling business. He has been behing on his mortgage payments of the last six months. the mortgage holder, who is a friend of ralph's has offered to accept $ 80,000 in full payment of the $100,000 owed on the mortgage and payable over the next 10 year. The interest rate of the mortgage is 7%, and the market rate is now 8%. What tax issues are raised by the creditor's offer