Several years ago, Magdelena purchased a new residence for $300,000. Currently, the outstanding mortgage on the residence is $260,000. The current fair value of the home is $330,000. Magdelena wants to borrow a sizable sum of money to pay for the college education costs of her two children and believes the interest would be deductible if she takes out a home equity loan. Required: For each of the independent situations below, determine the amount of the loan on which Magdelena may deduct the interest as qualified residence interest. a. Magdelena borrows $50,000 as a home equity loan. b. Magdelena borrows $80,000 as a home equity loan. c. Alternatively, assume the current fair market value of her home is $410,000 and she borrows $110,000 as a home equity loan. d. Alternatively, assume the current outstanding balance of the mortgage Magdelena incurred to purchase the home is $1,200,000, the home's fair market value is $1,400,000, and she borrows $80,000 as a home equity loan