Selling and administrative expenses are subtracted from cost of goods sold to obtain operating

This year, Mr. and Mrs. Franklin paid $93,000 interest on a mortgage incurred in 2008 to build their home in Santa Fe. The average principal balance of the mortgage was $1.43 million. The home has an appraised FMV of only $1.2 million. Compute the Franklins' itemized deduction for their home mortgage interest.

A. $93,000 B. $65,035 C. $58,531 D. None of the above

George wants to give a dining room table to Colleen. The table is in a self-serve storage unit

George gives the key to the storage unit to Colleen. Colleen takes the key, showing the appropriate gratitude. Which of the following statements best describes this situation? A) This gift is not valid because there is no consideration. B) George has made a valid gift to Colleen. C) This gift is not valid because there is no delivery. D) This gift is not valid because there is no acceptance. E) This gift is not valid because there is no donative intent.