QUESTION 18 3:33 points * Wages James and Marie are married and have filed a joint tax return since 2002. They have two school age children who lived with them all year. In January 2017 Marie's cousin, Carol, came to live with them. Carol had no income for the entire year and depended entirely on James and Marie for support. In 2017, James and Marie had the following income and expenses $120,500 Interest from NYS bonds $ 1,950 Interest on savings account $ 2,500 Stock dividend (no cash option/FMV on date received) $ 9,500 Long-term capital gain $ 21,000 Short term capital loss $ 28,000 Section 1244 loss $ 20,000 Medical expenses $ 10,000 Donation of LTCG property to charitable organization $ 58,000 Adjustment Basis $ 72,000 Fair Market Value Determine James and Marie's AGI for 2017 . 10 3.33 points QUESTION 19 How much can they deduct for medical expenses assuming a 75% limitation? a $10.000 b. 52.275 OC. $2.500 d. 5775 e. None of the above points QUESTION 20 How much can they deduct for donations (assuming no election)? a. $30.000 b. 550,000 c. $58,000 d. $72,000 e. None of the Above 3:33 point How much of the donations can be carried over (assuming no election)? a $8,000 b. $42.000 C. 558,000 d. 572.000 e. None of the above QUESTION 22 3.33 points Sewer Determine the capital loss carryover. a. 528.000 b. 520.000 OC. $7,000 d. 54.000 e. None of the above QUESTION 23 3.33 points Determine taxable income before deduction for exemption and assuming no election a. 567.500 b. 570.000 OC. 587.500 d. $100.000 e. None of the above QUESTION 18 3:33 points * Wages James and Marie are married and have filed a joint tax return since 2002. They have two school age children who lived with them all year. In January 2017 Marie's cousin, Carol, came to live with them. Carol had no income for the entire year and depended entirely on James and Marie for support. In 2017, James and Marie had the following income and expenses $120,500 Interest from NYS bonds $ 1,950 Interest on savings account $ 2,500 Stock dividend (no cash option/FMV on date received) $ 9,500 Long-term capital gain $ 21,000 Short term capital loss $ 28,000 Section 1244 loss $ 20,000 Medical expenses $ 10,000 Donation of LTCG property to charitable organization $ 58,000 Adjustment Basis $ 72,000 Fair Market Value Determine James and Marie's AGI for 2017 . 10 3.33 points QUESTION 19 How much can they deduct for medical expenses assuming a 75% limitation? a $10.000 b. 52.275 OC. $2.500 d. 5775 e. None of the above points QUESTION 20 How much can they deduct for donations (assuming no election)? a. $30.000 b. 550,000 c. $58,000 d. $72,000 e. None of the Above 3:33 point How much of the donations can be carried over (assuming no election)? a $8,000 b. $42.000 C. 558,000 d. 572.000 e. None of the above QUESTION 22 3.33 points Sewer Determine the capital loss carryover. a. 528.000 b. 520.000 OC. $7,000 d. 54.000 e. None of the above QUESTION 23 3.33 points Determine taxable income before deduction for exemption and assuming no election a. 567.500 b. 570.000 OC. 587.500 d. $100.000 e. None of the above
