Chapter #3 1.. During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $3,000 loss, And a pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim? 2. Mary is single and has 44,000 in salary as her sole source of income. Mary also sustains a long term capital loss $10,000. What is Mary's capital loss carryforward to future years? 3. In 2019 Nai-YU had the following transactions: what is her AGI? Salary Short-term capital gain from a stock investment Moving expense to change jobs Receipt of repayment of $20,000 loan she made to her sister in 2014 (includes no interest) State income taxes 4 Which of the following, if any, is a deduction for AGI? a. Contributions to a traditional Individual Retirement Account. b. Child support payments. c. Funeral expenses. d. Loss on the sale of a personal residence. e. Medical expenses. $95,000 4,000 11,000 20,000 5,000 5. Elizabeth determined that her tax liability was $3,954. Her employer withheld $3,476 from her during the year. Elizabeth's tax return would show: paychecks A. tax due of $3,954. B. refund of $3,476. C. tax due of $478. D. refund of $478.