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3 Charlie bought the painting in 2010 for $15,000. On December 31, 2020 he donated the painting to a local Church. The fair market value of painting at the time of donation was $50,000. Church plans to sell the painting to raise fund His Charitable deduction for 2020 is a b d 50000 35000 15000 None of the abaove 4 Mary bought a house for $1,500,000 in 2020. She paid $300,000 as down payment and rest was borrowed. She paid $30,000 mortgage interest in 2020. Her mortgage interest deduction for 2020 is a 20000 b 30000 18750 None of the above d 5 Charles Smith, CPA a self employed person goes to Chicago to attend a seminar on Taxation He spends five days for the seminar and two days for personal business. His expenses areas follows: Air Travel Meals for seven days Cost of Seminar Hotel for seven days His deductions for going to Chicago are 600 850 850 1400 a $3700 deduction for AGI b $3700 deduction for AGI $2825 deduction for AGI d None of the above 6 David is selfemplyed. He paid $6000 insurance premium for health insurance for 2020 His AGI is $40,000 for 2020. His medical insurance deduction for 2020 is a b $3000 deduction from AGI $3000 deduction for AGI $6000 Deduction for AGI None of the above d 3 Charlie bought the painting in 2010 for $15,000. On December 31, 2020 he donated the painting to a local Church. The fair market value of painting at the time of donation was $50,000. Church plans to sell the painting to raise fund His Charitable deduction for 2020 is a b d 50000 35000 15000 None of the abaove 4 Mary bought a house for $1,500,000 in 2020. She paid $300,000 as down payment and rest was borrowed. She paid $30,000 mortgage interest in 2020. Her mortgage interest deduction for 2020 is a 20000 b 30000 18750 None of the above d 5 Charles Smith, CPA a self employed person goes to Chicago to attend a seminar on Taxation He spends five days for the seminar and two days for personal business. His expenses areas follows: Air Travel Meals for seven days Cost of Seminar Hotel for seven days His deductions for going to Chicago are 600 850 850 1400 a $3700 deduction for AGI b $3700 deduction for AGI $2825 deduction for AGI d None of the above 6 David is selfemplyed. He paid $6000 insurance premium for health insurance for 2020 His AGI is $40,000 for 2020. His medical insurance deduction for 2020 is a b $3000 deduction from AGI $3000 deduction for AGI $6000 Deduction for AGI None of the above d

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