1. Betty is an unmarried attorney. During the year a hurricane completely destroys her home, which had a basis of $60,000. The value of her home before the tornado is $100,000 and the value afterwards is $35,000. Betty's home is located in a federally declared natural disaster area. Her AGI is $50,000. What is the amount that Betty can deduct after limitations?

Group of answer choices

$29,900.

$54,900.

$59,900.

$65,000.

1. Rachel purchased Blue Corporation stock for $10,000 in 2014. Rachel sells the stock to her sister, Erica, for $2,000 in 2018. In 2020, Erica sells the bonds for $25,000 to a non-relative. What is the amount of Erica's taxable gain?

Group of answer choices

$0.

$15,000.

$23,000.

$25,000.

1. Tom purchases 1,000 shares of Standard Corp. stock in 2017 for $31,000. On October 1, 2020, he sells the stock for only $10,000. On October 29, 2020 Tom buys 1,000 shares of Standard Corp. again for $10,000.How much of the October 1, 2020 loss may Tom deduct this year?

Group of answer choices