1. Angel, who is head of household, sold his main home on January 1, Year 15, for $440,000. He lived in the home for 14 years before the sale. His purchase cost was $200,000 but he took a total of $30,000 of depreciation on his home office. How much gain can he exclude on the sale? $240,000 $0 0 $250,000 $270,000 QUESTION 35 1 Pat is a CPA. In the current year, he spent 1,200 hours working in his accounting practice and earned a net income of $300,000. He also spent 1,250 hours materially participating in various real estate projects. His net loss from these projects was $60,000. Pat also has gambling losses of $10,000 and gambling income of $7,000 for the current year, ignoring self-employment taxes, what is Pat's adjusted gross income (AGI) for the year? $247,000 EI $307,000 $240,000 $237,000 QUESTION 36 1 In Year 5. an earthquake severely damaged Fred's home. The area was declared a federal disaster. Fred's home was valued at $210,000 before the earthquake but only $140,000 after the earthquake. The home's cost basis was $110,000 and it was not insured. Fred's adjusted gross income (AGI) was $90,000 in Year 5 and $180,000 in Year 4. Assume his marginal tax rate for the deduction was 22% in Year 5 and 32% in Year 4. What is the maximum tax benefit that Fred can derive from the casualty loss? $16,608 $0 $13,398 $13,420 $16.640