5. Rick purchased 100 shares of XYZ stock on April 4, year 4, for $8,600. He sold 50 shares on ebruary 8 year 5, for $3,000. He then bought another 50 shares of XYZ on March 1, year 5, for $3,200. How much loss will Rick realize in year 5? a, so b. $1,300 c. $3,000 d. $5,600 Agnes sold 50 shares of ABC stock to her son, Steve, in year 4 for $42,000. She bought the stock eight years ago for $50,000. Steve sold the stock to an unrelated party in year 6 for $80,000. How much gain will Steve recognize from the sale in year 6? a. $0 b. $10,000 c. $18,000 d. $80,000 7. Albert purchased a tract of land for $140,000 in 2015 when he heard that a new highway was going to be constructed through the property and that the land would soon be worth $200,000. H ighway engineers surveyed the property and indicated that he would probably get $180.000. The highway project was abandoned in 2018 and the value of the land fell to $100,000. What is the amount of loss Albert can claim in 2018? a. $40,000 b. $60,000 c. $80.000 d. $100,000 e. None of the above 8. Capital recoveries include: a. The cost of capital improvements b. Ordinary repair and maintenance expenditures. c. Payments made on the principal of a mortgage on taxpayer's building. d. Amortization of bond premium. e. All of the above. 9. John purchased a primary residence on October 15, year 2, for $240,000. On June 10, year 4, he married Karen, and she moved into the house. Karen was not added to the deed On October 15, year 6, they moved out of the house. John sold the home on October 15, year 7, for $850,00 What amount of gain from the sale is recognized on their year 7 joint income tax return? a. $110,000 b. $122,000 $360.000 d. $810,000