Please show each problem with answer and step by step directions. Just trying to get a better understanding.

$ 80,000 (4,000) 1. Kohsei had the following transactions for 2021: Salary Alimony paid (Divorce finalized in 2016) Recovery from car accident- Personal injury damages Punitive damages Gift from parents Property sales Loss on sale of boat (used for pleasure and owned 4 years) Gain on sale of ADM stock (held for 10 months as an investment) What is Kohsei's AGI for 2021? $40,000 70.000 110,000 20,000 ($4,000) 4.000 (-0-) 2. Michaella, age 23, is a full-time law student and is claimed by her parents as a dependent. During 2021, she received $1,400 interest income from a bank savings account and $12,400 from a part-time job. What is Michaella's taxable income for 20212 3. Amold was employed during the first six months of 2021 and earned a $90,000 salary. During the next six months, he collected $7,200 of unemployment compensation. He borrowed $6,000 (using his personal residence as collateral) and withdrew $1,000 from his savings account (on which he had earned $60 interest). Amold's parents loaned him $10,000 (interest-free) on July 1 of the current year, when the Federal rate was 3%. Arnold did not repay the loan during the year and used the money for living expenses. Calculate Arold's adjusted gross income for the year. 4. Sarah, a widow, is retired and receives $20,000 interest income and dividends and $10,000 in Social Security benefits. Sarah is considering selling a stock at an $8,000 gain. What will be the increase in Sarah's gross income as a result of the sale of the stock? 5. While she was a college student, Angel lived by a bookstore located near campus. She thinks a bookstore located on the other side of campus would be successful . She incurs expenses of $42,800 (legal fees, accounting fees, marketing survey, etc.) in exploring its business potential. Her parents have agreed to lend her the money required to start the business. What amount of these investigation costs can Angel deduct if: She opens the bookstore on August 1 of the current year? b. She decides not to open the bookstore. 6. In order to protect against rent increases on the building in which she operates a dance studio, Mella signs an 18-month lease for $36,000. The lease commences on October 1, 2021. How much of the $36,000 payment can she deduct in 2021 and 20222 a. b. If Mella is an accrual basis taxpayer? If Mella is a cash basis taxpayer? 7. Jose, single, reports the following items for 20213 Salary $44,000 $ 1244 loss on stock acquired 3 years ago (70,000) $ 1244 gain on stock acquired 10 months ago 26,000 Worthless security purchased in June of last year (4,000) Nonbusiness bad debt (7.000) Interest income 8,000 Compute Jose's adjusted gross income for 2021. 8. Sid bought a new $1,320,000 seven-year class asset on August 2, 2021. On December 2, 2021, he purchased $800,000 of used five-year class assets. If Sid elects $ 179 and does not take additional first-year depreciation, what is the maximum cost recovery deduction for these purchases for 2021 (assume the taxable income limitation does not apply)? 9. Shirley sold her personal residence to Mike for $400,000. Before the sale, she paid the real estate taxes of $7,030 for the calendar year. For income tax purposes, the deduction is apportioned as follows: $4,000 to Shirley and $3,030 to Mike. a. What is Mike's basis in the residence? b. What is Shirley's amount realized from the sale of the residence? c. What amount of real estate taxes can Mike deduct? d. What amount of real estate taxes can Shirley deduct? 10. Mitch owns 1,000 shares of Oriole Corporation common stock (adjusted basis of $15,000). On April 27, 2021, he sells 400 of these shares for $5,200, while on May 5, 2021, he purchases 300 shares of Oriole Corporation for $3,600. a. What is Mitch's recognized gain or loss resulting from these transactions? b. What is Mitch's basis for the stock acquired on May 5, 20212 c. Could Mitch have obtained different tax consequences in a. and b. if he had sold the 400 shares on December 27, 2021, and purchased the 300 shares on January 5, 2022? 11. Julio exchanges land used in his business for a different parcel of land to be used in his business. His adjusted basis for the land is $325,000; the fair market value is $310,000. The fair market value of the new parcel of land is $300,000. In addition, Julio receives cash of $10,000. Calculate Julio's realized and recognized gain or loss and his adjusted basis for the assets received. 12. Lucinda, a calendar year taxpayer, owned a rental property with an adjusted basis of $312,000 in a major coastal city. Her property was condemned by the city government on October 12, 2021 to build a convention center. Lucinda eventually received qualified replacement property from the city government on March 9, 2022, with a fair market value of $410,000. What is Lucinda's recognized gain or loss on the condemnation? 2. b. What is her adjusted basis for the new property? c. If, instead of receiving qualifying replacement property, Lucinda was paid $410,000, what is the latest date that she can acquire qualifying replacement property