Indicate the answer choice that best completes the statement or answers the question.

Anthony purchased a tract of land for $$35,000$ in $2018$ when he heard that a new shopping mall was going to be developed in the area and the land was projected to be worth $$250,000.$ Anthony had been misinformed, as a mall was never planned for that location. In $2022,$ Anthony sells the land for $$15,000.$ Ignoring any limitations$,$ Anthony can claim what loss in $2022?$

a$.$ $$0$

b$.$ $$20,000$

c$.$ $$200,000$

d$.$ $$215,000$

Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $$150,000$ on December $31,2022.$ During the year $2022,$ the corporation purchased additional inventory of $$375,000.$ If cost of goods sold for $2022$ is $$470,000,$ what was the beginning inventory on January $1,2022?$

a$.$ $$55,000$

b$.$ $$245,000$

c$.$ $$255,000$

d$.$ $$310,000$

In which of the following cases may the employee exclude the meals and$/$or lodging from their taxable income?

a$.$ A taxpayer lives rent$-$free at the property they manage even though the owner does not require the manager to live on site.

b$.$ A headmaster at a boarding school is required to be on campus all night.

c$.$ A president of a major film studio receives a cash allowance to live in Beverly Hills.

d$.$ An employee has an option of dining in an all$-$expense paid employer$-$sponsored cafeteria or dining out of the office.

Jasmin loans Nikki $$45,000$ to start a hair salon. Unfortunately, the business fails in $2022$ and she is unable to pay back Jasmin. In $2022,$ Jasmin also had $$20,000$ of income from her part$-$time job and $$15,000$ of capital gain from the sale of stock. How much of the $$45,000$ bad debt can Jasmin claim as a capital loss in $2022?$

a$.$ $$12,000,$ with $$33,000$ carried forward to $2023$

b$.$ $$18,000,$ with $$27,000$ carried forward to $2023$

c$.$ $$35,000$

d$.$ $$15,000,$ with $$30,000$ carried forward to $2023$

For married taxpayers filing a joint return in $2022,$ at what AGI level does the phase$-$out limit for contributions to Qualified Tuition Programs $($Section $529$ plans$)$ start?

a$.$ $$190,500$

b$.$ $$220,000$

c$.$ $$400,000$

d$.$ There is no phase$-$out limit on Qualified Tuition Program contributions.