. Marvin and Pamela are married, file a joint return, and have two children, ages 9 and 11. Their combined AGI is $65,000. Marvin's earned income is $40,000; Pamela's is $25,000. They incur $8,500 of child care expenses to enable them to be employed during the current year. Their child and dependent care credit is (use the temporary provisions of the American Rescue Plan Act).

A) $1,200.

B) $1,700.

C) $4,250.

D) $8,500.

. Suki has a $16,000 Sec. 1231 loss, a $12,000 Sec. 1231 gain, and a salary of $50,000. What is the treatment of these items in Suki's AGI?

A) Suki has a LTCG of $12,000 and a net ordinary income of $34,000.

B) The 1231 gains and losses are treated as ordinary gains and losses making Suki's AGI for the year $46,000.

C) Suki has a $3,000 LTCL which is deductible for AGI making AGI $47,000. She also has a $1,000 LTCL carryover.

D) Suki has net LTCG of $9,000 and $37,000 of net ordinary income.

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