58. Rick, a single taxpayer, owns 30000 shares of qualifying small business stock that he had purchased for $300000. During the current year, he sells 10000 of the shares for $25000.

a) What are the tax effects for Rick from selling the shares?

b) Assume that Rick also sells other capital assets at a gain of $12000. What are the tax effects of Rick's capital asset transactions?

c) Assume the same facts as in part b. In the year after selling the 10000 shares of qualified small business stock, Rick has total capital gains of $16000 and total capital losses of $12000. What are the effects of Rick's capital asset transactions on his taxable income?

60.Katelyn purchased 300 shares of Condine, INC. stock in 2014 for $9000. During 2016, she sells 200 shares of Condine to he brother, Jon, for $3600 and the remaining 100 shares to an unrelated third party for $2000.

a) Assuming that these are her only stock sales during the year, what impact do these sales have on her 2016 taxable income?

b) Assume that Jon sells the Condine stock in 2017 for $4800, What impact does the sale have on his and Katelyn's 2017 taxable incomes?

c) Assume that Jon sells the shares in 2017 for $6200. What impact does the sale have on his and Katelyn's 2017 taxable incomes?

d) Assume that Jon sells the shares in 2017 for $3100. What impact does the sale have on his and Katelyn's 2017 taxable incomes?

67. Ghon and LI own a home on Lake GIbran. During a heavy rainstorm, the lake overflows and floods the basement, which is used as their family room. The entire contents of the basement (rug, furniture, stereo, and so on) are destroyed. The insurance adjuster estimates that the damage to the basement and its contents is $13500. Ghon and Li do not have flood insurance, so the insurance company will reimburse them only $2700 for the damage. If their AGI for the year is $58000, what is their deductible casuality loss?