For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2021. Traditional IRA Contribution 12,000 a. Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified plan. His wife, Agnes, has no earned income. Juan wishes to contribute as much as possible to his own IRA. b. Abby, age 29, reports earned income of $25,000, and her husband, Sam, has earned income of $2,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, has earned income of $32,000, and has AGI of $29,000. 12,000 57,000 x Rosa exercises ISOs for 100 shares of Copper Corporation common stock at the option price of $100 per share on May 21, 2021, when the fair market value is $120 per share. Calculate the capital gain and ordinary income for the following transactions. If an amount is zero, enter "O". Capital Gain Ordinary Income a. Rosa sells the 100 shares of common stock 312 years later for $140. 140 x b. Assume Rosa holds the stock only seven months and sells the shares for $140 per share. C. Assume instead that Rosa holds the stock for two years and sells the shares for $115 per share. d. Assume the options are nonqualified stock options with a nonascertainable fair market value on the date of the grant. Rosa sells the 100 shares of common stock 312 years later for $140. e. Assume that each nonqualified stock option has an ascertainable fair market value of $10 on the date of the grant and that no substantial risk of forfeiture exists. Rosa sells the 100 shares of common stock 312 years later for $140. 1111 ILNO f. Assume Rosa holds the stock only seven months and sells the shares for $140 per share. What amount can Copper Corporation deduct and when? Copper Corporation may deduct in the following year at the same time Feedback