1. An LLC exchanged an office building with a fair market value of $550,000 and an adjusted basis of $220,000 for a shopping center with a fair market value of $600,000. If the LLC paid an additional $50,000 to complete the exchange, what amount of gain, if any, would the LLC realize?

a. $0

b. $50,000

c. $330,000

d. $380,000

2. Which of the following statements regarding the deduction for self-employment taxes is correct?

a. 50% of self-employment taxes are deductible from self-employed income.

b. 50% of self-employment taxes are deductible on Schedule A.

c. 50% of self-employment taxes are deductible from AGI.

d. 50% of self-employment taxes are deductible to arrive at AGI.

3. . A teachera single taxpayervolunteers eight hours per week at a school for high-risk children (ie, a qualified organization). The taxpayer's normal rate for teaching is $30 per hour. During Year 4, the taxpayer incurred unreimbursed costs, including $250 for one year of supplies and $20 per week for transportation, as a result of volunteering. If the taxpayer volunteered all 52 weeks of the year and made no other charitable contributions, what is the maximum amount of charitable contribution the taxpayer may deduct for Year 4?

a. $0

b. $250

c. $1,290

d. $13,770

Please answer all questions.