In each of the following independent cases, indicate the

amount that the taxpayer may deduct as interest on his or

her federal income tax return.

a$)$ Miranda paid interest of $$2,100$ on a loan secured to

purchase bonds of the city of Centerville on which she

received interest of $$2,800.$

b$)$ Palmore made the following interest payments during the

year: $$60$ on a loan obtained to buy his wife some jewelry

on their $25$th wedding anniversary; $$6,700$ on the mortgage

on his home $($acquisition indebtedness$)$; $$3,000$ on a loan

obtained at the bank by his dependent $23-$year$-$old son to

purchase a house $($Palmore also paid the loan principal in

order to protect the family name even though he had no

legal liability for the loan or interest$)$; and $$48$ to the

life insurance company on the loan value of his life policy

withdrawn to pay for his daughter's high school graduation

present.