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9. Ken sold a piece of land (cost $200,000). The buyer paid cash of $170,000 and transferred to Ken stock (FMV $50.000). The buyer also assumed Ken's $40.000 loan on the land. Ken paid selling expenses of $10,000. What is Ken's recognized gain or loss on this sale? a $70,000 gain b. $60,000 gain c. $50,000 gain d. $20,000 gain e. None of the answers provided is correct 10. Helen converted her personal residence (cost $300.000) to rental property at a time when the FMV was $230,000 Depreciation of $90,000 is taken before the rental property is sold for $130,000. What is the gain loss on the sale? a. $ 10.000 loss b. $ 80,000 loss C. $100,000 loss d. $170,000 loss e. None of the answers provided is correct. 11. Eagle Corporation sold a capital asset in 20x3 (its first year of operations) resulting in a loss of $30,000 There were no other capital transactions for Eagle in that year or any other until 20x8 when Eagle sold another capital asset resulting in a $45,000 gain. Taxable income for 20x8 without considering the capital transaction was $220,000. Which of the following statements is true with regard to these transactions? a. The $30,000 capital loss was deducted by Eagle in 20x3. b. The $30,000 capital loss was carried forward and expired in 20x6. C. Taxable income for 20x8 is $265,000 d. Taxable income for 20x8 is $235,000. e. None of the answers provided is correct. 12. In 2020. Pat, a single individual, has Tl of $130,000. Included in her Tl are the following items: Qualified dividend income $10,000 Loss from sale of stock held 4 $15.000 years Loss from sale of collectible held 3 13,000 Gain from sale of stock held 2 22.000 years years Gain from sale of collectible held 2 26,000 Loss from sale of stock held 5 3.000 years months Gain from sale of stock held 7 2,000 STCL carryover from 2019 4,000 months LTCL carryover from 2019 17,000 Gain categorized as unrecaptured 16,000 Section 1250 gain What is Pat's net capital gain for 2020 (be very specific)? a. $14.000 (all LT25) b. $14,000 (57,000 LT25, $7,000 LT15) C. $24.000 ($16.000 LT25, $8,000 LT15) d. $24.000 ($7,000 LT25, $17.000 LT15) e. None of the answers provided is correct. 2020 TAX RATE SCHEDULES INDIVIDUAL TAXPAYERS Single: If taxable income is: The taxis Not over $9,875 10% of taxable income Over $9,875 but not over $40,125 5987.50, plus 12% of the excess over 59,875 Over $40,125 but not over $85,525 54,617.50, plus 22% of the excess over $40,125 Over $85,525 but not over 5163.300 514,605.50, plus 24% of the excess over $85,525 Over $163,300 but not over $207,350 $33.271.50, plus 32% of the excess over $163,300 Over $207,350 but not over 5518,400 $47.367.50, plus 35% of the excess over $207,350 Over $518,400 5156,235.00, plus 37% of the excess over $518,400 Head of Household taxable income is: The taxis Not over $14,100 10% of taxable income Over $14, 100 but not over 553,700 51.410.00, plus 12% of the excess over $14,100 Over 553,700 but not over 585,500 56.162.00, plus 22% of the excess over $53,700 Over $85,500 but not over $163,300 $13,158.00, plus 24% of the excess over $85,500 Over $163,300 but not over $207,350 $31.830.00, plus 32% of the excess over $163,300 Over $207,350 but not over $518,400 $45,926.00, plus 35% of the excess over $207,350 Over 5518,400 $154,793.50, plus 37% of the excess over $518,400 Married, Filing Joint and Surviving Spouse: #taxable income is: The tax is: Not over $19,750 10% of taxable income Over $19.750 but not over $80,250 51.975.00, plus 12% of the excess over $19.750 Over $80,250 but not over $171,050 $9,235.00, plus 22% of the excess over 580,250 Over $171,050 but not over $326,600 $29,211.00, plus 24% of the excess over $171,050 Over $326,600 but not over $414,700 566,543.00, plus 32% of the excess over 5326,600 Over $414,700 but not over $622,050 594,735.00, plus 35% of the excess over $414,700 Over $622,050 5167,307.50, plus 37% of the excess over 5622,050 Married, Filing Separate If taxable income is: The tax is: Not over 59,875 10% of taxable income Over $9,875 but not over $40,125 5987.50, plus 12% of the excess over 59,875 Over $40,125 but not over $85,525 54,617.50, plus 22% of the excess over $40,125 Over 585,525 but not over $163,300 $14,605.50 plus 24% of the excess over $85.525 Over 5163,300 but not over $207,350 $33,271.50, plus 32% of the excess over S163,300 Over $207,350 but not over $311,025 S47.367.50. plus 35% of the excess over $207,350 Over 5311,025 $83,653.75. plus 37% of the excess over 5311,025 Preferential Rate Single Filing Jointly Head of Household Estates & Trusts 0% Up to $40,000 Up to $80,000 Up to 553,600 Up to $2,650 15% > $40,000 but s $441,450 > $80,000 but s $496,600 > 553,600 but s 5469,050 > 52,650 but s $13,150 20% Over $441,450 Over $496,600 Over $469,050 Over $13,150 Employee's age Premiums Under 25 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 65 to 69 70 and above 50.05 06 08 .09 .10 .15 23 43 66 1.27 2.06