1) Marc, a head of household, has AGI of $60,000 and $5,000 in interest from an investment in City of Birmingham bonds. Using the U.S. tax rate schedule for 2019, what is Marc's average tax rate (rounded) and marginal tax rate on $100 of additional taxable interest and $100 of capital gain, respectively? 12%, 12%, 12% 11.5%, 12%; 12%. 12%, 12%, 15% 11.5%, 12%, 0% 2) Gail Stream exchanged an apartment complex that she had owned for 9 years. The complex was worth $850,000 and Gail's basis was $375,000. The transferee assumed a note secured by an interest in the property of $600,000. Gail received $40,000 cash and assumed liability for loans in the amount of $680,000 against the farmland worth $890,000 she received. How much is Gail's gain recognized and her basis in the farmland? $0; $335,000 $475,000; $890,000 $80,000; $495,000 $40,000; $455,000 3) In the current year, fire completely destroyed a building used by Mae Stark in her business. The building had cost Mae $110,000 and had an adjusted basis of $75,000. She received insurance proceeds of $120,000 and immediately spent $105,000 of the proceeds on real estate that was similar or related in use or service." How much gain does Mae recognize on this "involuntary conversion" and what is Mae's basis in the new real estate, respectively? $45,000; $105,000 $15,000; $75,000 $10,000; $80,000 $0; $60,000 1) Marc, a head of household, has AGI of $60,000 and $5,000 in interest from an investment in City of Birmingham bonds. Using the U.S. tax rate schedule for 2019, what is Marc's average tax rate (rounded) and marginal tax rate on $100 of additional taxable interest and $100 of capital gain, respectively? 12%, 12%, 12% 11.5%, 12%; 12%. 12%, 12%, 15% 11.5%, 12%, 0% 2) Gail Stream exchanged an apartment complex that she had owned for 9 years. The complex was worth $850,000 and Gail's basis was $375,000. The transferee assumed a note secured by an interest in the property of $600,000. Gail received $40,000 cash and assumed liability for loans in the amount of $680,000 against the farmland worth $890,000 she received. How much is Gail's gain recognized and her basis in the farmland? $0; $335,000 $475,000; $890,000 $80,000; $495,000 $40,000; $455,000 3) In the current year, fire completely destroyed a building used by Mae Stark in her business. The building had cost Mae $110,000 and had an adjusted basis of $75,000. She received insurance proceeds of $120,000 and immediately spent $105,000 of the proceeds on real estate that was similar or related in use or service." How much gain does Mae recognize on this "involuntary conversion" and what is Mae's basis in the new real estate, respectively? $45,000; $105,000 $15,000; $75,000 $10,000; $80,000 $0; $60,000