noitudninoo ASl oldiouboblo moms tsdw.mslq 9q e'royolqfns Tod ni tmsqrohsq S8I0S ni bowollsaib ai 002,22 (a .008.22 (A 02 (I 16) Alice is an attomey and earned si 75,000 from her practice in the current year. Alice also owns three passive activities. The activities had the following income and losses: 16) S 40,000 Partnership E Partnership C S (32,000) (24,000) What is Alice's adjusted gross income for the current year? B) S119,000. A) $159,000. C) $215,000. D) $175,000. 17) Stuart owns a 20% interest in a partnership (not involved in real estate) in which his at-risk amount was $18,000 at the beginning of the year. The partnership produces a S50,000 loss for the year. What is Stuart's at-risk amount at the end of the year? A) $10,000. 17 B) $8,000 C) $O. D) (S32,000). 1s) If one spouse sells a home and excludes the gain on the sale, the gain on the sale of a residence by the other spouse is: A) Never excluded. B) Excluded up to $250,000. Q) Excluded up to $500,000. D) Excluded up to $250,000 plus any gain exclusion not used by the first spouse. 18) 19) 19) On December 28, 2018, Shelia sold 300 shares of Power Inc. (a publicly traded company) at a loss of $5,900.On January 5, 2019, Shelia repurchased 300 shares of Power Inc. A) Only $3,000 of the loss is allowed. B) The $5,900 loss is only allowed if Shelia has capital gains to offset the loss. C) The $5,900 loss is disallowed. D) The $5,900 loss is only allowed if Shelia's AGl is less than $100,000. 20) Bailey owns a 20% interest in a partnership (not involved in real estate) in which his at-risk amount was $25,000 at the beginning of the year. During the year, Bailey receives a distribution of $20,000 from the partnership. The partnership produces an $80,000 loss during the year. If you ignore the passive loss rules, Bailey's deductible loss for the year 20 is: C) S25,000. D) $80,000. B) $5,000 A) $20,000. 21) Shauntae is 75 years old. He purchased a single life annuity contract that will pay him $3,000 per month for 10 years. The expected return under the contract is: 8) S30,000. 21) D) $360,000 C) 5482,400. A) S450,000. 22) Which of the following is not an employer-sponsored retirement plan? A) Roth IRA. C) SIMPLE B) 401(k). D) Qualified pension plan D-3