10-14 pls

Campanella is a self-employed screenwriter of movie scripts He purchacmed a sophisticated computer for $5,000 during Year 1 and used it solely for writing movie scripts. This computer was stolen on January 2 . fear the date of theft, assume that the computer's adjusted basis was ses that the and Campanella had no insurance on the date of theft was $4,800, but he fair market value of objective evidence or documentation concerning that value. 10. By what amount, if any, does this theft reduces Campanella's Adjusted Gross Income in Year 2? 11. Assume instead that Campanella did have insurance coverage on this computer and that he received $4,700 of insurance proceeds during Year 2 due to the theft of this computer. He reinvested $3,600 of the proceeds in a replacement computer the same year and properly elects the special "involuntary conversion" recognition rules. Do these events affect Campanella's gross income in Year 2 ? a. Yes, his gross inoqme will inctease by spoo b. Yes, his gross income will increase by $1,100 c. Yes, his gross income will decrease by $800 d. Yes, his gross income will decrease by $100 12. Assume that the events described above result in an increase in Campanella's Year 2 income. This gain is: a. Ordinary income only b. Section 1231 gain only c. Partially ordinary income and partially Section 1231 gain d. Ultimately a capital gain, assuming that Campanella did not have any Section 1231 transactions from other thefts or involuntary 13. Assume instead that the events described above result in a decrease in Campanella's Year 2 income. This loss is: a. Ordinary only b. A Section 1231 loss only c. Partially ordinary and partially a Section 1231 loss d. A capital loss, regardless of whether or not Campanella had Section 1231 transactions from other thefts or involuntary conversions during the year 14. A taxpayer has taxable income of $740,000, of which $6,000 is attributable to dividend income and $3,000 is attributable to capital gain income. This taxpayer has \$4,000 of investment interest expense, which he properly itemizes as a deduction. By what amount, if any, does the net investment income tax raise this taxpayer's overall tax liability? Campanella is a self-employed screenwriter of movie scripts He purchacmed a sophisticated computer for $5,000 during Year 1 and used it solely for writing movie scripts. This computer was stolen on January 2 . fear the date of theft, assume that the computer's adjusted basis was ses that the and Campanella had no insurance on the date of theft was $4,800, but he fair market value of objective evidence or documentation concerning that value. 10. By what amount, if any, does this theft reduces Campanella's Adjusted Gross Income in Year 2? 11. Assume instead that Campanella did have insurance coverage on this computer and that he received $4,700 of insurance proceeds during Year 2 due to the theft of this computer. He reinvested $3,600 of the proceeds in a replacement computer the same year and properly elects the special "involuntary conversion" recognition rules. Do these events affect Campanella's gross income in Year 2 ? a. Yes, his gross inoqme will inctease by spoo b. Yes, his gross income will increase by $1,100 c. Yes, his gross income will decrease by $800 d. Yes, his gross income will decrease by $100 12. Assume that the events described above result in an increase in Campanella's Year 2 income. This gain is: a. Ordinary income only b. Section 1231 gain only c. Partially ordinary income and partially Section 1231 gain d. Ultimately a capital gain, assuming that Campanella did not have any Section 1231 transactions from other thefts or involuntary 13. Assume instead that the events described above result in a decrease in Campanella's Year 2 income. This loss is: a. Ordinary only b. A Section 1231 loss only c. Partially ordinary and partially a Section 1231 loss d. A capital loss, regardless of whether or not Campanella had Section 1231 transactions from other thefts or involuntary conversions during the year 14. A taxpayer has taxable income of $740,000, of which $6,000 is attributable to dividend income and $3,000 is attributable to capital gain income. This taxpayer has \$4,000 of investment interest expense, which he properly itemizes as a deduction. By what amount, if any, does the net investment income tax raise this taxpayer's overall tax liability