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I need help with the following questions: 1) 2) 3) 4) 5) 6) 7) Martha has a net capital loss of $20,000 and other ordinary

I need help with the following questions:

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Martha has a net capital loss of $20,000 and other ordinary taxable income of $45,000 for the current tax year. What is the amount of Martha's taxable income after deducting the allowed capital loss? a. $38,000 b. $25,000 c. $42,000 d. $45,000 e. None of these choices are correct. Toni and Beyonze are married and file jointly. During 2018, they paid tuition for their daughter's college in the amount of $23,000. If their AGI was $142,000, what is the amount of tuition deduction they are eligible for? X a. $2,000 b. $4,000 c. $0 d. $23,000 e. None of these choices are correct. Lester rents his vacation home for 6 months and lives in the home during the other 6 months of 2019. The gross rental income from the home is $4,500. For the entire year, real estate taxes are $800, interest is $3,000, utilities and maintenance expenses are $2,200, and depreciation expense on the entire home would be $4,000. What is Lester's allowable net loss from renting his vacation home? a. $500 loss b. $5,500 loss c. $3,000 loss d. $250 loss e. None of these choices are correct. Karen has a net operating loss in 2019. What is the earliest year to which Karen can carryback or carry forward the net operating loss? a. 2018 b. 2017 c. 2021 d. 2020 e. 2016 Which of the following is not true about capital assets? a. Individual taxpayers may deduct net capital losses of up to $3,000 per year. b. Capital losses may be carried back for 3 years to offset capital gains in those years. C. Net long-term capital gains are granted preferential tax treatment. d. Real property used in a trade or business is not a capital asset. e. Shares of stock held for investment are capital assets. Donald owns a two-family home. He rents out the first floor and resides on the second floor. The following expenses attributable to the total building were incurred by Donald for the year ended December 31, 2019: Real estate taxes Mortgage interest Utilities $1,800 1,600 1,200 1,400 Repairs (first floor) Painting (second floor) 400 In addition, the depreciation attributable to the entire building would be $2,000. What is the total amount of the expenses that Donald can deduct on Schedule E of Form 1040 (before any limitations)? a. $4,000 b. $4,700 C. $3,300 d. $3,850 e. None of these choices are correct. Eugene and Velma are married. For 2019, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns. They have no deductions for adjusted gross income. Velma's itemized deductions are $14,200 so she is going to itemize. Eugene's itemized deductions are $4,000. Assuming Eugene and Velma do not live in a community property state, what is Eugene's taxable income? a. $12,800 b. $21,000 XC. $26,000 d. $18,000 e. None of these choices are correct

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