Questions 11 to 13 Sam and Nancy are married and file a joint tax return every year since 2005. In 2016, their AGI before taking any capital loss into consideration was $95,000. Sam and Nancy had a capital loss in 2016 of $23,000. Their only potential itemize deduction in 2016 was state & local income taxes of $16500. In 2017, they had the following transactions for tax purposes: $90,000 $15,000 30,000 $ 8,500 Wages Long Term Capital Gain IRC Section 1244 Loss State Income Tax Refund 1I. What portion of the state income tax refund must included in Gross Income in 2017 assuming the standard deduction in 2016 was $12,600? a. $3,900 b. $8,500 c. $12,600 d. $16,500 c. None of the above 12. How much capital loss can be carried over and deducted in 2017? a. $18,000 b. $15,000 c. $20,000 d. $23,000 e. None of the above 13. What is their 2017 AGI? a. $60,900 b. $60,000 c. $72,000 d. $75,000 e. None of the above Questions 14-16 Patricia had AGI of $120,000 in 2017. She donated Bronze Corporation stock with a basis of $35,000 to a qualified charitable organization on July 5, 2017. What is the amount of Patricia's deduction, assuming that she purchased the stock on December 03, 2016, and the stock had a FMV of $65,000 when the donation was made? Assume the limitation amounts are 50%, 30%, or 20%. 14. a. $65,000 b. $60,000 c. $36,000 d. $35,000 e. None of the above