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Problem 10-31 (LO. 5) This year, Amy purchased a personal residence at a cost of $1,000,000. She borrowed $800,000 secured by the home to make
Problem 10-31 (LO. 5) This year, Amy purchased a personal residence at a cost of $1,000,000. She borrowed $800,000 secured by the home to make the purchase. This year, she paid interest expense on this mortgage of $12,000. How much may she deduct? Problem 10-33 (LO. 6) Liz had AGI of $130,000 in 2021. She donated Bluebird Corporation stock with a basis of $10,000 to a qualified charitable organization on July 5, 2021. a. What is the amount of Liz's deduction assuming that she purchased the stock on December 3, 2020, and the stock had a fair market value of $17,000 when she made the donation? b. Assume that she purchased the stock on July 1, 2018, and the stock had a fair market value of $17,000 when she made the donation. What is Liz's deduction? C. Assume that she purchased the stock on December 3, 2020, and the stock had a fair market value of $7,500 when she made the donation to the charity. What is Liz's deduction
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