Based on United States Federal taxes

QUESTION 7 Sam owned and lived in his home for 15 months before selling it for $400,000. His basis in the home was $175,000. The reason he moved was his job relocated him from NY to Los Angeles. He is single. How much gain will Sam be taxed on from the sale of his home (his principal residence)? Zero. O $68,750. $156,250 $225,000. QUESTION 8 Gina's stock sales resulted in the following: $35,000 of long-term capital gains: ($12,000) of long term capital losses: $18,000 of short-term capital gains; and ($37,000) of short-term capital losses. Gina is in the 24% tax bracket. What will the tax results be? $4,000 of gain, taxed at only 15%. $4,000 of gain, taxed at Gina's regular 249 tax rate. $23,000 of gain taxed at 15%, and a ($3,000) loss deduction. O $23,000 of gain, taxed at Gina's regular 249 tax rate, and a ($3,000) loss deduction