For the year ended December 31, 2015, Jia and mike, age 45 and 46 respectively, are married taxpayers filing a joint return with one dependent, reported the following:

Jias Wages	60,000
Mikes Wages	35,000
Interest Income	2,000
Dividends Income (all qualified dividends)	500
Life Insurance Proceeds received after the death of Jia's father Dumbo	100,000
State Lottery Winnings	10,000
Alimony paid to Denos ex-wife, Mike	5,250
Child support paid for jia and mike son	2,500
Medical Expense	8,000
Mortgage Interest Expense	9,000
State Income Tax Withholding on wages during 2015	4,500
Qualified charitable contributions	500
Tax preparation fees for 2014 tax return	2,500
Losses at the casinos in Las Vegas	13,000

1. What is the 2015 gross income for jia and mike?

a.107,500

b.197,200

c.192,250

d.97,250

2. What is the 2015 adjusted gross income for Jia and Mike?

a.189,750

b.191,900

c.102,250

d.92,250

3. What is the 2015 itemized deductions for Jia and Mike?

a.24,455

b.29,500

c.24,786

d.15,736

e.27,455

. Eugene loaned Frederic (a friend) $60,000 in 2013 with the agreement that the loan would be repaid in two years. In 2014, Frederic filed for bankruptcy and Eugene learned that he could expect to receive $0.50 on the dollar. In 2015, final settlement was made and Eugene received $12,000. Assuming the loan is a nonbusiness bad debt, how should Eugene account for the non-business bad debt?

b.a.$48,000 ordinary loss in 2015

c.$30,000 ordinary loss in 2014 and $18,000 ordinary income in 2015

d.$48,000 short-term capital loss in 2015

e.$30,000 short-term capital loss in 2014 and $18,000 short-term capital gain in 2015