Donna purchased investment land on January 1, Year 3, for $150,000. On January 1, Year 5, she sold the land for $40,000 cash down-payment plus the buyer signed a note for $300,000 to be paid evenly over the next 3 years, beginning January 1, Year 6. The buyer assumed Donnas $70,000 mortgage on the land. Donna also paid selling expenses of $22,000. For purposes of the installment sales method, what is the gross profit percentage on the sale?

( I DON'T BELIEVE IT IS 58% !!! )

		70%
		58%
		61%
		79%

Lisa loaned $6,000 to her brother several years ago. In the current year, she determines that the loan is uncollectible. Lisa also has a $1,000 long-term capital gain in the current year from a stock sale. How much of the $6,000 loan can Lisa use/deduct in the current year?

		$6,000
		$4,000
		$3,000
		$2,000
		$0

In the current year, Joel has a passive activity loss of $15,000 from a limited partnership interest in XYZ, LP. He also has suspended losses from XYZ from prior years of $40,000. At the end of the current year, Joel sells his entire interest in XYZ at a $50,000 gain. What is the net effect of these items on his current year adjusted gross income?

( I DO NOT BELIEVE ITS A 5000 DECREASE )

		$5,000 decrease
		$50,000 increase
		$35,000 increase
		$10,000 increase
		$0