Question 15

In 2021, Elise and Sam, who are married and file a joint return, had the following items of income:

W-2 income: $150,000

Net long term capital gain $4,000

A loss from the sale of Sec. 1244 stock of $150,000

Interest income: $10,000

Their taxable income for 2021 is:

Question 15 options:

	$14,000
	$57,000
	$60,000
	$64,000
	$157,000

Question 16

The AICPA Statements of Standards for Tax Services (SSTS) Select all true statements.

Question 16 options:

	Apply to local, state and federal taxation.
	Only apply to individuals/firms that are members of the AICPA.
	Apply to tax practitioners in law firms.
	Generally ignore the provisions of Circular 230.