Problem 6-46 (LO. 3) Piper owns a vacation cabin in the Tennessee mountains. Without considering the cabin, she has gross income of $65,000. During the year, she rents the cabin for two weeks for $2,500 and uses it herself for four weeks. The total expenses for the year are $10,000 mortgage interest; $1,500 property tax; $2,000 utilities, insurance, and maintenance; and $3,200 depreciation. If an amount is zero, enter "0". a. What effect does the rental of the vacation cabin have on Piper's AGI? Piper reports rental income of $ o and rental expenses of $ 0 for AGI. b. What expenses can Piper deduct, and how are they classified (i.e., for or from AGI)? Note: Assume that she itemizes her deductions. a. Utilities 0 Not deductible b. Insurance S 0 C. Property Taxes S 1,500 d. Mortgage interest 10,000 e. Maintenance expenses S 0 Problem 6-55 (LO. 3) For 2021, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $26,000,000 over the prior three taxable years. a. What is MSU's interest expense deduction for 2021? b. How much interest expense can be deducted for 2021 if MSU's adjusted taxable income is $300,000? $