Bob owns a rental property that he bought several years ago for $250,000. He has taken depreciation on the house of $35,000 since buying it. He sells it in 2016 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized gain on the sale?

a.$77,000

b.$63,000

c.$18,000

d.$53,000

e.None of these choices are correct.

Oscar and Mary have no dependents and file a joint income tax return for 2016. They have adjusted gross income of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2016 income tax return?

a.$110,000

b.$102,000

c.$97,400

d.$101,900

e.$136,000

All of the following factors are important in determining whether an individual is required to file an income tax return, except:

a.The taxpayer's gross income.

b.The taxpayer's total itemized deductions.

c.The availability of the additional standard deduction for taxpayers who are elderly.

d.The taxpayer's filing status.

e.None of these choices are correct.