1. Which of the following is not related party for constructive ownership purposed under section 267?

a. A trust that taxpayer is a trustee of.

b. A partnership where the taxpayer has more than a 50% interest.

c. The taxpayers half-sister.

d. The taxpayers brother in law

e. None of the above.

2. In May 2017, Hershels personal residence was completely destroyed by fire. He was insured for 100% of his actual loss. Hershel received the insurance settlement of 250,000 for the casualty in November 2017. In 2017, Hershel had adjusted gross income (AGI) of 50,000 before considering the casualty. Hershels basis in his residence was 280,000. The value of his residence before the casualty was 250,00 and after the casualty $0. What is Hershels allowable casualty gain or loss deduction?

a. 280,000 loss

b. 250,000 gain

c. 0

d. 5,000 gain

e. 30,000 loss