1. Taxpayer and Spouse are a married couple filing a joint return and claiming the standard deduction. During 2019, Taxpayer earned salary of $370,000 and Spouse earned Salary of $30,000. Based upon this information, Taxpayer and Spouse are subject to a marriage penalty.

true/false

2. wishing to use the Specific Identification method to determine basis of sold assets must elect the method no later than the filing date of the return on which the sale is reported.

true/false

3. Taxpayer's filing status is Head of Household. For the taxable year, Taxpayer claims the standard deductions, has no For AGI deductions and no QBID. Taxpayer reports only the following items of gross income. Determine Taxpayer's Net Investment Income Tax liability.

• Salary of $165,000
• Interest income on corporate bonds of $32,000
• Net long-term capital gains of $8,000