------Ben's father died on July 2 of this year. His father left in the will 500 shares of Dell Corp stock which his father had purchased for $35/share on September 25, 2015. On July 2 of this year the stock was valued at $25/share. Ben sold the stock for $20 per share on December 3. What is the amount and nature of any gain or loss?

Select one:

a. ($2500) LTCL

b. ($2500) STCL

c. ($7500) LTCL

d. ($7500) STCL

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Henrietta is a photographer. She has the following income and expenses from her photo studio. Sales of photographs: $2000 Expenses: Camera Equipment: $3000 Supplies: 500 Rental of equipment 700 Which of the following is true:

Select one:

a. If Henrietta is engaged in a Hobby she reports $2000 income and can deduct $2000 FOR AGI

b. If Henriett is engaged in a hobby she reports $2000 income and can deduct $2000 FROM AGI

c. If Henrietta is engaged in a hobby she reports $2000 income and cannot deduct any expenses.

d. Henrietta's activity cannot be classified as a business because of the inherently personal nature of photography.

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Dryer Corporation (Corporation not individual) had the following transactions.

Revenues	$50,000
Expenses	30,000
LTCG	5,000
STCL	(15,000)

What is Dryer Corporation's taxable income and capital loss (Corporation not individual).

Select one:

a. $20,000 taxable income, $10,000 STCL carried back 3 years and forward 5 years

b. $10,000 taxable income

c. $17,000 taxable income; $12,000 short term capital loss carried forward indefinetely.

d. $15,000 taxable income; $15,000 short term capital loss carried back 3 years and forward 5 years