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All answers rounded to the nearest $10

3. Ben Baker purchased Ajax Company stock five years ago for $9,000, which he gave (gift) to Anne Able at a time when the stock's market value was $12,000. Subsequently, Anne sold the stock for $13,000. What will be the amount of Anne's gain or loss on the sale? A $3,000 gain B 1,000 gain 4,000 gain D O gain or loss E None of the above 4. In 2021, Russell Rogers is single with net investment income of $18,000 and modified adjusted gross income of $270,000. What is the amount of Russell's net investment income tax for the year? A $ 2,660 B B 0 0 C 680 D 760 E None of the above 5. Judith Jones, single, reports four sales of capital assets during 2021, as set out below. Long-term capital gain $4,000 Long term capital loss 12,000 Short term capital loss 1,000 Short term capital gain 2,000 Taxpayer's only other income for the year is salary of $80,000. What is Judith's adjusted gross income for the year? A $80,000 B 73,000 86.000 D D 70,000 E None of the above 6. Spouses, Chip and Carrie Carson, purchased a principal residence in Richmond for $375,000 on August 1, 2020. Carrie obtained a job in Boston, and 14 months later, they sold their home in Richmond for $650,000 and moved to Boston. How much gain, if any must Chip and Carrie recognize on their 2021 joint federal income tax return? A $500,000 B 0 275,000 D D 160,420 E None of the above 7. On May 1, 2021, Maggie Mays (cash basis) leases property she owns to Tommy Thompson for rent of $1,000 per month. Tommy pays Maggie $1,000 as a damage deposit which will be returned at the end of the lease term. In addition, Tommy pays Maggie $2,000 as advance rent which is to be applied to rent for the last two months (March and April, 2022) of the lease term. The lease runs for a one year period beginning on May 1, 2021. What is Maggie's rental gross income for 2021? Assume that Tommy also makes eight other $1,000 rental payments to Maggie (May - December, 2021) during 2021, A $10,000 B 8,000 11,000 D 6,000 E E None of the above