45) 45) Rocky and Charlie form RC Partnership as equal partners. Rocky contributes $100,000 into RC white Charlie contributes real estate with a cost and fair market value of $100,000. During the current year, RC earned net income of $600,000. The partnership distributes $200,000 to each partner. The amount that Rocky should report on his individual tax return is A) $200,000. B) SO. C) $100,000 D) $300,000 46) 46) If an individual with a taxable income of $15,000 has a long-term capital gain in 2021, it is laxed at A) 0% B) 20%. C) 15% D) 10%. 47) 47) Thomas purchased an annuity for $20,000 that will pay him $500 per month for ten years. What amount should Thomas include in his income each year? A) $2,000 B) $6,000 $4,000 D) $0 48) 48) Carl filed his tax return, properly claiming the head of household filing status. Carl's employer paid or provided the following to Carl: Wages Fair market value of qualified dependent care services Premiums for $50,000 qualified group term life insurance Medical insurance premiums $65,000 4,000 50D) 600 How much of this income should Carl report (assume benefits are provided on a nondiscriminatory basis)? A) $69,000 B) $70,100 C) $65,000 D) $69,500 49) 49) Vertical equity means that A) taxpayers with larger amounts of income should pay more tax than taxpayers with lower amounts of income. B) taxpayers with the sume amount of income should pay the same amount of tax. C) all laxpayers should pay the same tax. D) None of the above. 50) 50) Artco Inc. is a corporation. This year it eamed $50,000 of taxable income and paid a $10,000 distribution (dividend) to Lily, its sole shareholder. With total taxable income of $100,000, Lily has a marginal tax rate of 24%. Due to the corporation's results and the distribution paid, the IRS will receive total taxes of A) S12,000. B) S10,500. C) $13,500. D) $12,910. 7