1. In 2019 Joe purchased a 30% interest in a partnership for $300,000. In 2020 the partnership generated $200,000 of taxable income, and Joe withdrew $50,000.

   What is Joe's basis in the partnership at the end of 2020?

   		$250,000
   		$310,000
   		$550,000
   		$410,000

2. Rebecca was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis of $14,000, was completely destroyed. She received $10,000 from her insurance company. Her AGI for 2020 is $30,000.

   What is Rebecca's deductible casualty loss?

   		$4,000
   		$18,000
   		$900
   		$0

3. Julie, who files as a single taxpayer, has AGI of $100,000 in 2020. She incurred the following expenses during the year:

   State and local income taxes	5,800
   State sales tax	3,200
   Real estate taxes	4,800
   Home mortgage interest	8,000
   Roth IRA contribution	2,000
   Traditional IRA contribution	2,000
   Medical expenses (before 7.5% floor)	3,600

   Julie's allowable itemized deductions are:

   		$18,000
   		$21,800
   		$23,800
   		$20,000