Bill would like some tax benefits for his investment expenses incurred this year. His AGI is $190,000. Currently, his expenses consist of: (1) $1,000 investment advice fees, (2) $1,500 unreimbursed employee business expenses (a miscellaneous itemized deduction), and (3) $600 tax return preparation fees. How much more, if any, must Bill spend for investment expenses this year before he receives any tax benefit?

Zero, Bill is already receiving a benefit.

More than $500

More than $700

More than $900

None of these

Cory recently sold his qualified small business stock (acquired in 2015) for $90,000 after holding it for ten years. His basis in the stock is $40,000. Assuming his marginal tax rate is 35 percent, how much tax will he owe on the sale?

$3,750

$7,000

$7,500

$14,000

None of these

Kevin bought 200 shares of Intel stock on January 1, 2015 for $50 per share with a brokerage fee of $100. Then, Kevin sells all 200 shares for $75 per share on December 12, 2015. The brokerage fee on the sale was $150. What is the amount of the gain/loss Kevin must report on his 2015 tax return?

$4,500

$4,750

$5,000

$5,250

None of these

Assume that Joe has a marginal tax rate of 35 percent and decides to make the election to include long-term capital gains and qualified dividends as investment income. What rate must Joe use when calculating the tax on these two items?

20%

25%

28%

35%

None of these