Simulation Problem 2 (9 points) Frank and Dale mack are married and filing a joint 2020 income tax return. During 2020, Frank ape 03. was retired from government service and Dale, 55, was employed as a university instructor. In 2020, the Curacks contributed all of the suppo Dale's father, Jacques, an uamaried French citizen and French resident who had no gross income Fur items 1 through 10 select the connect anount of income, loss, or adjustment to incite that should be reported on the 2020 Form 1040Individual Income Tax Return to arrive at the adjusted gross income for each separate transaction Entert appropriate capital letter in the space provided Selections SO B S80 C S300 D $505 E. $1,000 F. $2.000 G. $2.500,- H. $4,000 L $5,000 J. $9.000 K $10,000 L $30,000 1 1 During 2020, Dale received a $30,000 cash gift from her aunt.- 2. Dale received $1,000 of cash dividends from the Ace Corporation's 1,000 shares of common stock that was received as a gift from her mother 2 years ago 3. During 2020, Frank, a 50% partner in Diske General Partnership, received a $5,000 guaranteed payment from Diske for services that he rendered to the partnership that year 4. In 2020, Frank, received $10,000 as beneficia y effus deceased brother's life insurance policy 5. Dale's employer pays 100% of the cost of all cmployees group-term life insurance under a qualified plan. Policy cost is $5 per $1,000 of coverage. Dale's stoup-learn life insuce coverage equals $450.000 6. Frank received $of interest income en bonds issued by the city of Quebec, Canada 7. During 2020, the Cumacks received $1,000 interest income associated with a refund of their prior years' federal income taxe 8. Frank Cevived S8D for 2-day juny 87VIC 9 In 2020,7cno Cern declared a stock dividend and Dale received one additional share of Zone Conon stock for thace status of ZW COILO stuck Halsle tuld. The wck that Dalv ruceived had a fair market value of $9.000. There was no provision to receive cash instead of stock Simulation Problem 2 (9 points) Frank and Dale mack are married and filing a joint 2020 income tax return. During 2020, Frank ape 03. was retired from government service and Dale, 55, was employed as a university instructor. In 2020, the Curacks contributed all of the suppo Dale's father, Jacques, an uamaried French citizen and French resident who had no gross income Fur items 1 through 10 select the connect anount of income, loss, or adjustment to incite that should be reported on the 2020 Form 1040Individual Income Tax Return to arrive at the adjusted gross income for each separate transaction Entert appropriate capital letter in the space provided Selections SO B S80 C S300 D $505 E. $1,000 F. $2.000 G. $2.500,- H. $4,000 L $5,000 J. $9.000 K $10,000 L $30,000 1 1 During 2020, Dale received a $30,000 cash gift from her aunt.- 2. Dale received $1,000 of cash dividends from the Ace Corporation's 1,000 shares of common stock that was received as a gift from her mother 2 years ago 3. During 2020, Frank, a 50% partner in Diske General Partnership, received a $5,000 guaranteed payment from Diske for services that he rendered to the partnership that year 4. In 2020, Frank, received $10,000 as beneficia y effus deceased brother's life insurance policy 5. Dale's employer pays 100% of the cost of all cmployees group-term life insurance under a qualified plan. Policy cost is $5 per $1,000 of coverage. Dale's stoup-learn life insuce coverage equals $450.000 6. Frank received $of interest income en bonds issued by the city of Quebec, Canada 7. During 2020, the Cumacks received $1,000 interest income associated with a refund of their prior years' federal income taxe 8. Frank Cevived S8D for 2-day juny 87VIC 9 In 2020,7cno Cern declared a stock dividend and Dale received one additional share of Zone Conon stock for thace status of ZW COILO stuck Halsle tuld. The wck that Dalv ruceived had a fair market value of $9.000. There was no provision to receive cash instead of stock