Calculations Please

5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050

9. Jayne purchased General Motors stock 6 years ago for $20,000. In 2012, she sells the stock for $35,000. What is Jaynes gain or loss? a. $ 15,000 long- term b. $ 15,000 short-term c. $ 15,000 ordinary d. $ 15,000 extraordinary e. No gain or loss is recognized on this transaction

10. Shannon has a long-term capital loss of $7,000 on the sale of bonds in 2012. His taxable income without this transaction is $48,000. What is his taxable income considering this capital loss? a. $ 55,000 b. $ 48,000 c. $ 45,000 d. $ 41,000 e. Some other amount

17. Ironwood Corporation has ordinary taxable income of $40,000 for calendar- year 2012, and a long-term capital loss of $20,000. What is the corporations tax liability for 2012? a. $ 4,500 b. $ 6,000 c. $ 7,500 d. $ 10,000 e. None of the above

20. Travis transfers land with a fair market value of $125,000, basis of $25,000, to a corporation in exchange for 100% of the corporations stock. What amount of gain must Travis recognize as a result of this transaction? a. $ 0 b. $ 25,000 c. $ 100,000 d. $ 125,000 e. None of the above