1. X Corporation started operations in 2020.In the first year of operations, X-Corp generated a net-operating loss of ($120,000).For tax year 2021, X-Corp has a taxable income of $100,000.In 2022, X-Corp generated has taxable income of $60,000.Which of the following statements isTRUE:

Group of answer choices

X-Corp may carry only $80,000 of the 2020 loss forward to the year 2021.

X-Corp can take $3,000 per year of the loss until it is used up.

X-Corp may carry only $100,000 of the 2020 loss forward to the year 2021.

X-Corp cannot carry forward any of the loss.

1. Amy earns an income of $50,000 this year as an employee of Rooster Enterprises. She pays the following amounts during the year:

Contribution to Traditional IRA: $5,000

Pre-Tax Cuts & Jobs Act Alimony she paid to her ex-husband: $10,000

Medical Expenses: $6,000

What is Amy's Adjusted Gross Income (AGI)?

Group of answer choices

$29,000.

$34,000.

$35,000.

$39,000.

1. Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during the year:

Contribution to Roth IRA: $5,000

Self-Employment Tax: $9,000

Health Insurance Premiums: $3,000

What is Alex's Adjusted Gross Income (AGI)?

Group of answer choices

$47,500.

$51,000.

$52,000.

$52,500.

1. AC/DC-Corporation owns a building that it uses in its operations that has a basis of $70,000. During the year, a tornado occurs andpartiallydestroys the building. The fair market value of the building before the tornado was $200,000 and the value of the building afterwards is $120,000. They are reimbursed by an insurance company for $25,000. How much can AC/DC-Corporation deduct as a casualty loss?

Group of answer choices

$25,000.

$45,000.

$70,000.

$80,000.