Problem $7$ During $2024,$ Peter had a long$-$term capital gain on the sale of a vacant lot in the amount of $$30,000.$ In addition, during $2024,$ a partnership in which Peter was $50\%$ owner gave him the following $($partially presented$)$ K$-1,$ which you can assume was correctly prepared. Peter$$s other income consisted solely of a W$-2$ for $$100,000$ as compensation for working as a CPA. $$ Required $$ Based solely on the preceding information: $$ What is the amount of Peter$$s net long$-$term capital gain $($loss$)$ for his tax year $2024?$ Assuming that Peter did not have the $$30,000$ long$-$term capital gain, how much of the $$50,000$ loss will Peter be able to deduct against his salary income in arriving at his adjusted gross income? Problem $8$ The following information was taken from the $2024$ tax files of Jacob, who will use filing status Single in preparation of his $2024$ federal form $1040.$ Virginia income tax withheld from wages$5,000$ Virginia tax paid on $5\mathrm{.}1\mathrm{.}24$ for the tax year $20231,000$ Real estate taxes $1,500$ Personal property taxes $1,000$ Medical expense $($unreimbursed$)$ in excess of $7\mathrm{.}5\%$ of Jacob's AGI of $$100,0002,000$ Charitable contributions $($all cash and supported by confirmation letters from the qualified charities$)10,000$ Required $$ Based solely on the preceding information, answer the following questions. $$ What was the amount of Jacob$$s gross unreimbursed medical expenses for the year $2024?$ What is the total amount of allowed itemized deductions for $2024?$ Should Jacob use standard deduction or his itemized deductions? $$