12) During 2017, Al made the following charitable contributions: Cash Stock in Thrush Corporation (a publicly traded corporation) $20,000 $30,000 The stock in Thrush corporation was acquired as an investment three years ago at a cost of $10,000. Al's AGI for 2017 is $70,000. What is Al's charitable contribution deductible for 2017 a. $21,000 b. $30,000 c. $35,000 d. $50,000 e. None of the above 13) An office building with an adjusted basis of $190,000 was destroyed by fire on December 1, 2014. On January 11, 2015, the insurance company paid the owner $250,000. The owner reinvested $230,000 in a new office building. What is the recognized gain, if any, on the old building if S 1033 (nonrecognition of gain from an involuntary conversion) is elected? a. b. $20,000 c. $40,000 d. $230,000 None of the above 14) During 2017, Mona had the following receipts: $40,000 salary, $20,000 inheritance from another, and $6,000 interest from a savings account. She had a capital loss of $4,000 from the sale of a stock investment. Monna's AGI for 2017 is: a. $42,000 b. $43,000 c. $49,000 d. $62,000 e. None of the above 15) Trey, age 16, is claimed as a dependent on his parent's tax return. During 2017, he had interest income of $1,250 from a savings account and $300 wages from a part-time job. Trey's taxable income is: a. $500 b. $550 C. $900 d. $1,200 None of the above