Ray Ray made the following contributions this year. Charity Athens Academy School United Way American Heart Association First Methodist Church Property Cash Cash Antique painting Coca-Cola stock Cost $ 8,050 5,850 15,300 15, 250 FMV $ 8,050 5,850 76,500 22,875 Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. Maximum Amount Cash contributions Property donation Problem 6-31 (LO 6-1) (Algo) [The following information applies to the questions displayed below.) Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $31,500 from County Bank and paid interest of $1,890. Lionel used the loan proceeds to pay his law school tuition Calculate the amounts Lionel can deduct for higher education expenses and interest on higher education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.) Problem 6-31 Part-a (Algo) a. Lionel's AGI before deducting interest on higher education loans is $50,000, Higher education expenses Interest deduction