An apartment building with and adjusted basis of $1, 500,000 was destroyed by fire on February 13, 2016. On July 11, 2016, the insurance company paid the owner $1, 950,000. The owner reinvested $2, 230,000 in a new apartment building. What is the recognized gain on the new building for 2016 if $ 1033 (nonrecognition of gain from an involuntary conversion) is elected? $0 $450,000 $200,00 $1, 950,000 George and Sue are married and together have AGI of $100,000. They have two dependents and file a joint return. They paid $3, 600 for hospitalization insurance. During the year, they paid the following amounts for medical care: $9, 500 in doctor and dentist bills and hospital expenses and $600 for prescribed medicine and drugs. In December, they received an insurance reimbursement of $2, 500 for hospitalization. Determine the deduction allowable for medical expenses paid during the year. $11, 200. $6, 200. $1, 200. 3, 100. None of the above. Ophelia has the following capital transactions for the year: In addition, Ophelia has a long-term capital loss carryover from 2015 of $1, 800. What is Ophelia's 2016 net capital gain? $2, 400. $800. $700. $600. None of the above. Wilma is married to Herb, who abandoned her in 2015. She has not seen or communicated with him since June of that year. She maintains a household in which she and her two dependent children live. Which of the following statements about Wilma's filing status in 2016 is correct? Wilma can use the rates for single taxpayers for 2016. Wilma can file a joint return with Herb for 2016. Wilma can file as a surviving spouse for 2016 Wilma can file as a head of household for 2016. None of the above statements is true