Mary Vale contributed a bronze statuette to a local museum. Mary received the statuette as a gift from her grandmother 35 years ago, and her tax basis was only $200. However, the statues appraised fair market value at date of contribution was $8,500. Assume the taxable year is 2021.

Required:

1. Compute Marys tax savings from the contribution assuming Mary doesnt itemize deductions on her Form 1040.
2. Compute Marys tax savings from the contribution assuming Mary itemizes deductions and has a 24 percent marginal tax rate.
3. Compute Marys tax savings from the contribution assuming Mary itemizes deductions and has a 37 percent marginal tax rate.