2/15 II Interest rates charged by the IRS for taxpayer assessments (underpayments) and for tax refunds (overpayments) are determined a. Monthly b. Quarterly c. Semi-annually 12 Burt and Lisa are married and live in a common law state. Burt wants to make gifts to their four children in 2019. What is the maximum amount of the annual exclusion they will be allowed for these gifts? CHAPTER #3 During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim? 2. Mary is single and has 847,500 in malay as her role source of income. Many to sustains a long term capiul low of 510,000. What is Mary's capitai lou carryforward to future years? . 30 b. 39,000 .. 54,000 d. 37,000 3. Monica received the following amounts during the curreaux year Salary $40,000 Gift from per 3 5.000 Royalties $ 1.000 Prise winning $ 6,000 Child support payment S 6,000 Alimey fro-husband 510,000 Which of the amounts meet Munies include in the relatertion of tavahin income! - TAYABLE INCOME ? 4. Currie ereduly of 570,000 in the current year. She old common stock she had owned for eight month for a $2,000 loss and the sold her je al for a loss of $1,800. Carrie is sold a painting, acquired to years ago, for a pain of 58,600. What is Carrie's red groue income for the year $78,000 b. 576,000 c. 374.200 d. 568,000 During the current year, Tim selle his personal use truck fors.000 (adjusted basis of 37,000) and Euro 5. stock for $20,000 (adjusted basis of $10,000). What is Timreogaland gain? 1.511,000 b. 310,000 650.000 d. 51,000