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Please use this information for the next THREE questions! This question is worth 9 points, as allocated to parts a, b, and c below. Don,

Please use this information for the next THREE questions!

This question is worth 9 points, as allocated to parts a, b, and c below.

Don, Peggy, and Roger operate an advertising agency located on Madison Avenue in New York City as a partnership. Don owns 60% of the business, Peggy owns 30%, and Roger owns 10%. For the current year, the advertising agency reports the following from its operations:

Sales Revenues

$972,000

Trade and business expenses (salaries, utilities, rent, etc.)

$457,000

Charitable Contributions

$30,000

Short Term Capital Losses

$46,000

Long Term Capital Gains

$15,000

Assume Peggy is single and has no other taxable income other than what is reported on her schedule K-1 from the partnership. However, in addition to what is reported to her from the partnership, she also makes $3,000 in charitable contributions. Indicate whether or not she will itemize her deductions, and what the itemized deductions would be (even if she opts to use the standard deduction).

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