P is unmarried full-time investor with no dependents. Her income for the year 2015 is as follows:

Taxable interest income$25,900

Excludable municipal bond interest8,600

Qualified dividends11,650

Consulting fees6,400

Social security benefits8,400

Although P does not have sufficient deductions to itemize, her records reveal the following:

Investment expenses$850

Expenses related to consulting1,200

In addition to the above, P recognized the following gains and losses during the year:

Loss on sale of 100 shares of A, Inc., held three years$ (1,200)

Loss on sale of personal automobile(1,800)

Sale price of 100 shares of B Corp., sold short8,200

(This short sale was closed the following year with newly

Purchased shares costing $9,600. P owned no B Corp.

stock at the time of the short sale.)

Gain on sale of unimproved land held as an investment for

six years45,000

Calculate P's adjusted gross income, taxable income, and gross income tax based on the above for 2015. Begin by calculating P's self-employment tax

ullluulnl \"IIIl u....-..----.-- __ - _ U a: 16-55 Comprehensive Capital Gain Problem. P is an unmarried full-time investor with 110. dependents. Her income for the year 2017 is as follows: Taxable interest income ........................... $25,900 Excludable municipal bond interest .................. 8.600 Qualifying dividends ............................. 11.650 Consulting fees ................................. 6.400 ' 1 Social Security benets ........................... 3,400 i _ _; Although P does not have sufcient deductions to itemize, her records reveal the following: ; Investment expenses ............................. S 850 Expenses related to consulting ...................... 1.200 In addition to the above, P recognized the following gains and losses during the year. Loss on sale of 100 shares of A. Inc.. held three years . . . . 5(1200) Loss on sale of personal automobile .................. (1.800) Sales price of 100 shares of B Corp. sold short ......... 8.200 (This short sale was closed the following year with newly purchased shares costing $9.600. P owned no B Corp. stock at the time of the short sale.) Gain on sale of unimproved land held as an investment for six years ................................... 45 .000 Calculate P's adjusted gross income, taxable income, and gross income tax based 0 the above for 2017. Begin by calculating P's self-employment tax