1.For the current year, Susan had salary income of $20,000. In addition she reported the following capital transactions during the year: Long-term capital gain $ 7,000 Short-term capital gain 3,000 Long-term capital loss (2,000) Short-term capital loss (5,000) There were no other items includable in her gross income. What is the amount of her adjusted gross income for the current year?

$24,000

$19,000

$23,000

$25,000

None of these choices are correct.

2.Robert and Becca are in the 25 percent tax bracket. They have a long-term capital gain of $28,000 and a long-term capital loss of $17,000 on sales of stock in the current year. What will their capital gains tax be in the current year?

$2,200

$1,650

$11,000

$2,750

None of these choices are correct.

3.Martha has a net capital loss of $17,000 and other ordinary taxable income of $45,000 for the current year. What is the amount of Martha's capital loss carryforward?

$17,000

$10,000

$0

$14,000

None of these choices are correct.

4.On August 8, 2015, Sam, single, age 62, sold for $210,000 his principal residence, which he has lived in for 10 years, and which had an adjusted basis of $60,000. On November 1, 2015, he purchased a new residence for $80,000. For 2015, Sam should recognize a gain on the sale of his residence of:

$25,000

$50,000

$130,000

$0

None of these choices are correct.