13. Which of the listed expenditures of a personal nature are deductible for AGI? If all are deductible for AGI or none are deductible for AGI, select from Answers D or E. A Repairs on rental property owned by the taxpayer B Deductible IRA contribution c Student loan interest D All of the listed expenses are deductible for AGI E None of the listed expenses are deductible for AGI 14. Spouses, Chip and Carrie Carson, purchased a principal residence in Richmond for 375,000 on October 1, 2018. Carrie obtained a job in Boston, and on December 1, 2019, they sold their home in Richmond for $650,000 and moved to Boston. How much gain, if any must Chip and Carrie recognize on their 2019 joint federal income tax return? $500,000 B 0 275,000 D 275,000 E None of the above 15. A In return for $1,100, Katie Kramer cancels a debt owed to her by Albert Able. The debt amount was $5,400. Assume that the debt cancellation was not a gift and that Albert Able is neither insolvent nor bankrupt. Which of the listed statements is correct? Katie has $1,100 of taxable income B Albert Able has $3,300 of taxable income C Albert Able has $5,400 of taxable income Neither Katie nor Albert Able has any taxable income from the transaction E None of the listed statements are correct D 13. Which of the listed expenditures of a personal nature are deductible for AGI? If all are deductible for AGI or none are deductible for AGI, select from Answers D or E. A Repairs on rental property owned by the taxpayer B Deductible IRA contribution c Student loan interest D All of the listed expenses are deductible for AGI E None of the listed expenses are deductible for AGI 14. Spouses, Chip and Carrie Carson, purchased a principal residence in Richmond for 375,000 on October 1, 2018. Carrie obtained a job in Boston, and on December 1, 2019, they sold their home in Richmond for $650,000 and moved to Boston. How much gain, if any must Chip and Carrie recognize on their 2019 joint federal income tax return? $500,000 B 0 275,000 D 275,000 E None of the above 15. A In return for $1,100, Katie Kramer cancels a debt owed to her by Albert Able. The debt amount was $5,400. Assume that the debt cancellation was not a gift and that Albert Able is neither insolvent nor bankrupt. Which of the listed statements is correct? Katie has $1,100 of taxable income B Albert Able has $3,300 of taxable income C Albert Able has $5,400 of taxable income Neither Katie nor Albert Able has any taxable income from the transaction E None of the listed statements are correct D