breach of ver 3 art expens Carly What are Use A 18435 MAIS 123 23 Linger 2.300 000 450 2/15/ Include all 35.257 start of expens Our Long capital After deducting all carvers in her cuen capitar less and $2.5001 A $2,400 shart term capital loss and $200 lungs 30 short C$1.600 short D. $100 short-term capital lees and $2,400 g-term and $900 long-te Diddey Corporation Year [5] So purchased 300 shares shares for $4 per share. On July 16 income, he may deduct a capital in the amount On July 1 Year 3 sit the puting Bar 31 $150 30 1200 $75 $450 ECPA 12.050 C$150 0.12.200 for business affective sidy 1.1 60 0300 (34) manthe November 7 May 7 Year 185.000 36 $2.000 CH D $2.000 le (371) of the max A16,000 $7,000 C$14,000 0 $12,000 [18] jay was given jewelry in the curent year. At the time of basis In to the doher o500, The donor the jewelry? A. $5,000 $5,800 C$20,000 0.120,000 [6] Ms. Tyler rents her vacation home during the winter. In the current year, she used the vacation home for 16 days and rented it for 11 days. Total rental income and expenses are as follows: Rental income for 11 days Allocated interest and taxes Other allocated expenses Net rental income $1.500 (300) (100) $1,100 What is the correct amount of net rental income to be included in Ms. Tyler's current-year tax return? A. $1,500 8.50 C. $1,100 D. $1,200 [7] During the year, Nate and Olivia, a married couple filing jointly, had ordinary income totaling $60,000. In addition they had short-term capital losses of $2,000 and long-term capital losses of $8.600. What amount can Nate and Olivia report as a long-term capital loss carryover to the following year? A. $7,600 B. $5,600 C. 50 D. $6.600 [8] Larry purchased Boston Celtic stock for $6,000 from his brother Kevin, Kevin had a basis in the stock of $10,000 but could not recognize his loss on the sale. Larry later sold the stock for $12.000. How much gain must Lamy recognize on the subsequent sale? A. $6,000 8. $2,000 C$12,000 D. $4,000 [9] Lancelot owns a cabin that he rented for 4 months and lived in for 2 months. Lancelot received $5,000 in rental Income. Lancelot's total expenses were as follows Depreciation Maintenance Utilities $3,600 200 500 1,100 2,400 Taxes Interest What is Lancelot's depreciation deduction based on the IRS method of allocating expenses A. $3,200 B. $1,200 C. $2,400 D. $3,600 [10] Bonnie drove her new car, which cost $12,000, a total of 16,000 miles during the current year. Of those met 12.000 were related to her business (Bonnie is self-employed). Bonnie paid $5.500 for gas. $1,400 for repairs and $600 for tires during the year. Ignoring Section 179 and additional first year depreciation, first-year MACRS depreciation would be $2.400 if the car was used 100% for business. If Bonnie uses the actual expense method, what is her deductible travel and transportation expense? A. $5,625 B. $9,900 C. $7,425 D. $6,975 [11] Ron, a single taxpayer, contributed $6,800 to his IRA on November 4, 2022. He is covered under his employer's retirement program. The following is Ron's total income for 2022 Wages Dividends Interest Veterans' educational benefits $75,000 4,800 8,000 5,000 What is his allowable IRA deduction on his 2022 income tax return? A. $6,000 B. $1,800 C. $0 D. $6,800 A 1270 $300 [2 A 5.145 Deduction A 111300 (25) herbs The 2 56 000 on Apr 1 or 1.6 paid A 16.000 4500 C $1,000