Lauren has purchased a home worth $1.5 million with an interest-only mortgage of $1.2 million. She is currently only paying interest on the mortgage in the amount of $60,000 per year. What amount may she deduct as home mortgage interest on Schedule A of her individual income tax return? a. $45,000. b. $50,000. C. $55,000. d. $60,000. Greg just received his student loan statement that indicates he paid $3,000 of interest on his student loan during the tax year. How much of the loan may he deduct? a. None of the interest is deductible since it is consumer debt. b. $3,000 as an itemized deduction. C. $2,500 as an itemized deduction. d. $2,500 as an adjustment to income. Marty has ten shares of stock that he bought on April 1, Year 1, for $9 each. On April 1, Year 2, he sells all of the shares for $250. What is the income tax consequence of the sale? $160 long term capital gain. b. $160 short term capital gain. C. $241 long term capital gain. d. $241 short term capital gain