Some long answer income tax questions are attached. I need help with all of them. The 2016income tax rules must be used. Please show your worksoI understand how you got the answers

*2016 Income Tax rules must be applied to the following questions. Please SHOW YOUR WORK. * 1. At the end of the current year, Falstaff sold for $4,800 General Martin stock that was purchased 5 months ago for $4,000. He also sold Cedar stock for $6,000 at the same time. The Cedar stock cost $4,000, 2 years ago. In addition, Falstaff has a short-term capital loss of $500 on the sale of silver. a. b. Calculate the amount of Falstaff's net short-term and net long-term capital gain or loss. If Falstaff has a net capital gain, what is the maximum rate at which the gain will be taxed? 2. In the current year, Penny exchanges an investment property in Santa Barbara with a mountain view for a lot with an ocean view in a qualifying like-kind exchange. Penny's basis in the land given up is $100,000 and the property has a fair market value of $250,000. In exchange for her property, Penny receives land with a fair market value of $200,000 and cash of $20,000. In addition, the other party to the exchange assumes a mortgage loan on Penny's property of $30,000. a. b. c. Calculate Penny's realized gain, if any, on the exchange. Calculate Penny's recognized gain, if any, on the exchange. Calculate Penny's basis in the property received. 3. Lorreta has a manufacturing business. In the current year, her storage building is completely destroyed by fire and she receives $315,000 from her insurance company. She purchased the building for $300,000 20 years ago and has claimed depreciation of $85,000 using the straight-line method. In the following year, she purchases a new storage building at a cost of $295,000. a. b. Calculate Lorreta's realized gain or loss. c. Assuming Lorreta makes an election under the involuntary conversion provision, what is Lorreta's basis in the new building? Assuming Lorreta makes an election under the involuntary conversion provision, calculate Lorreta's recognized gain or loss? 4. Quince Corporation changes its year-end from a fiscal year-end to a calendar year-end. The corporation has taxable income of $39,000 for its 3-month short period beginning October 1, 2015 and ending December 31, 2015. Calculate the corporation's tax for the short period. 5. The Wash Your Paws Self-Service Dog Wash, a California business, had two employees during the year. Lindsey worked from January through March 15 and earned $2,750. Avery worked for the whole year and earned $20,000. The State of California assesses unemployment tax at the rate of 5.4 percent. Calculate the total FUTA tax after the credit for the state unemployment tax. 6. Verlin sells a commercial building and receives $50,000 in cash and a note for $60,000 at 10 percent interest. Verlin's adjusted basis in the building on the date of sale is $45,000 and he collects only the $50,000 down payment in the year of the sale. a. b. c. If Verlin elects to recognize the total gain on the property in the year of sale, calculate the taxable gain. Assuming Verlin uses the installment sale method, calculate the taxable gain he must report for the year of the sale. Assuming Verlin collects $10,000 (not including interest) of the note principal in the year following the year of sale, calculate the amount of income recognized under the installment sale method. 7. Bev owns an apartment complex she purchased 10 years ago for $480,000 with a $80,000 cash down payment accompanied by a $400,000 loan. Bev has made $70,000 of capital improvements on the complex and her depreciation claimed on the building to date is $100,000. Calculate Bev's adjusted basis in the building 8. Dan acquired rental property in June 2005 for $370,000 and sold it in October, 2015. $40,000 in straight-line depreciation has been taken on the house. A run-up in housing prices in San Diego allowed him to sell the house for $575,000. In the year of sale, Dan received $175,000 when the buyer sold some investments, an additional $200,000 when the buyer closed a loan from the bank, and took a $200,000 note from the buyer, payable on the anniversary of the sale date in 10 installments of $20,000 each plus interest on the unpaid balance. Using the installment method, calculate his taxable gain in the year of sale. 8. Stewart, age 44, sells his personal residence of 4 years on June 14, 2015, for $190,000. The expenses of sale are $15,000 and he has paid for capital improvements of $3,000. Stewart purchased the residence for $100,000. On February 2, 2016, Stewart purchases and occupies a new residence at a cost of $200,000. a. Calculate the gain realized on the sale of Stewart's residence. b. How much gain must be recognized on the sale of Stewart's residence? c. Calculate Stewart's basis in the new residence