Carol purchased a building for investment purposes. She paid $10,000 for the building. Three years later, she sold the building to her daughter for $8,000. Carol cannot deduct the loss because of the: O pay-as-you-go concept. ability-to-pay concept. capital recovery concept. administrative convenience concept. O O arm's-length transaction concept. Based on the following information, what is the 2020 taxable income for a married couple with two children? Total income $120,000 Excludable income 2,000 Deductions for AGI 5,000 Allowable itemized deductions 8,000 O $85,000 0 $88,200 $113,000 $94,000 $105,000