Three years ago, Adrian purchased 315 shares of stock in X Corp. for $60,480. On December 30 of year 4, Adrian sells the 315 shares for $55,755.(Leave no answers blank. Enter zero if applicable.)

1) Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return?

2) Assume the same facts as in part (a), except that on January 20 of year 5, Adrian purchases 315 shares of X Corp. stock for $55,755. How much loss from the sale on December 30 of year 4 is deductible on Adrians year 4 tax return? What basis does Adrian take in the stock purchased on January 20 of year 5?

PART 2

Rich and Shauna Nielson file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielsons incur $2,100 in miscellaneous itemized deductions, excluding investment expenses. They also incur $1,000 in noninterest investment expenses during the year. What tax savings do they receive from the investment expenses under the following assumptions

1) Their AGI is $97,500. (Round your answer to the nearest whole dollar amount.)

2) Their AGI is $135,500. (Round your answer to the nearest whole dollar amount.)