Part G. FACTS: Sam's is a single taxpayer (engaged to be married in 2022) whose 2021 income consists of $90,000 in salary and a $30,000 net capital loss computed as follows: Short-term capital gain from stock investment Long-term capital loss from stock investment Net capital loss 43. Compute Sam's 2021 Adjusted Gross Income. a. $3,000 b. $60,000 $30,000 ($60,000) ($30,000) c. $87,000 d. $90,000 44. If Sam has a capital loss carryover, how long can the loss be carried over? a. 5 years b. 10 years C. 20 years d. Until Sam gets married and has a change in filling status e. Indefinitely until Sam dies 45. A Health Savings Account (HSA) is available to a taxpayer in conjunction with what type of medical benefit plan? a. Medicare b. Medicaid c. Preferred Provider Organization (PPO) d. High-Deductible Plan (HDP) e. Health Maintenance Organization (HMO) 46. In 2021 Karen donated 100 shares of Nike stock to RMU. She acquired the stock in 2015 for $10,000. The fair market value (FMV) of the stock on the date of the contribution to RMU in 2021 is $16,000. Which statement is true? a. Karen's charitable contribution deduction is $10,000. b. Karen's charitable contribution deduction is $13,000. c. Karen's charitable contribution deduction is $16,000. d. No charitable contribution deduction is permitted since no cash was donated to RMU. 47. The overall amount of a taxpayer's itemized deduction for charitable contributions depends on: a. Type of charity to which the donation was made b. Type of property that is donated c. Level of taxpayer's adjusted gross income d. All of the above. 48. Sam, a single taxpayer paid the following state and local taxes in 2021. Compute Sam's 2021 allowed itemized deduction for state and local taxes considering all limitations. . State tax withheld from wages during 2021 of $8,000. 2nd quarter 2020 estimated tax payment of $1,000 paid on of June 15 2021 4th quarter 2020 estimated tax payment of $3000 paid on January 15, 2022 Real estate taxes on his primary residence (which he owned for the full year) of $8,000 paid in July 2021 a. $10,000 b. $16,000 c. $17,000 d. $20,000 49. Darcy is age 20, a full-time student and a dependent of her parents. Darcy has Wages of $2000, Interest income of $1,000 and Dividends of $3000. Compute Darcy's Net Unearned Income (NUI) for purposes of the Kiddie tax. a. $6,000 b. $3,800 c. $4,000 d. $1800 50. A taxpayer is contemplating donating the following assets to a qualified charity. The taxpayer understands that a qualified appraisal of the fair market value is required in certain cases. Which asset should the taxpayer select if s/he does not want to bear the cost of a qualified appraisal and wants to maximize his/her deduction for the charitable contribution. Select the best answer. a. $30,000 of Walmart common stock held for 6 months with an original cost of $15,000 b. A plot of land adjacent to campus worth $30,000 for which the taxpayer paid $3,000. c. $30,000 of rare wine (with a $3,000 original cost to the taxpayer) that that RMU expects to auction at its homecoming gala. d. $30,000 of PPG Industries common stock held for 6 years with an original cost of $15,000