1. 1. Samuel, head of household with two dependents, has 2020 income from unemployment - $13,000, received alimony of $14,000 pursuant to divorce decree from 2015, has taxable interest income of $2,000, and a $12,000 net long-term capital gain from stock sales. Samuel uses the standard deduction and is age 38. What is his 2020 AGI? What is his taxable income and what is the tax on the taxable income (BEFORE ANY CREDITS for the children)?
2. 2. Phil’s father died on January 10, 2022. The father had owned stock for 2 years with a basis of $85,000 that was transferred to Phil as a gift on August 10, 2021, when the stock was worth $285,000. His father paid no gift taxes. This stock was worth $160,000 at the date of the father’s death. Phil sold the stock for $145,000 net of commissions on February 23, 2022.  What is the amount and nature of Phil’s gain or loss from the disposition of this property?