please answer both parts to the question In the current year, Mr. A,...
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please answer both parts to the question
In the current year, Mr. A, a sole proprietor, made interest payments of $800 on his personal credit cards, $650 on his business truck loan, $3,000 to the bank for a loan origination fee (charge for services) for his Veterans Administration mortgage, and $8,000 on his home mortgage. What is the total allowable interest deduction on Schedule A, Form 1040? A. $8,000 B. $9,450 C. $11,800 OD. $12,450 Mrs. Walter donated stock she had purchased in Year 1 for $30,000 to a private nonoperating foundation in Year 3, when the stock was valued at $42,000. Mrs. Walter had adjusted gross income in Year 3 of $90,000. If the stock donation was the only charitable contribution in Year 3, what is Mrs. Walter's Year 3 charitable contribution deduction? A. $27,000 B. $42,000 C. $30,000 D. $18,000
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