a. b. I is true, II and IIl are false. Iand II are true, and III is false. c. II

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a. b. I is true, II and IIl are false. Iand II are true, and III is false. c. II and Il are true, and I is false. e. None of the above. I, II, and III are true. Questions 19 & 20 James, a NYC resident, had wages of $105,000.00 in 2016 and $112,500.00 in 2017. In 2 had interest income from a savings account of $975.00, interest income from the City o York Mac Bonds of $1,200.00, and dividend income of $600.00. Additionally, on 2015, James sold 1,000 shares of $16,500.00, f New October 15, 850. The stock had an adjusted basis of which he purchased on June 15, 2015. On March 15, 2017, James sold Citibank Stock for $7,500, which had an adjusted basis of $5,200. James had no other income 2016 or 2017 19. What is James AGI for 2016? a. $103,575 b. $104,775 c. $107,775 d. $97,925 e. $105,575 What is James AGI for 2017? a. $106,150 b. $114,800. c. $112,500. d. $109,500. e. $109,150 20. Question 21 through 22 21. John, a single taxpayer, sold his 2-family home, which he owned since June 10,2007 for $850,000. During the time John owned the home, he lived in one apartment and rented the second apartment. Both apartments were of equal size. John purchased the home for $200,000. John made no improvements to the home, but he took depreciation expense every year on the rental unit. Total depreciation allowed was $61,820; however, total allowable depreciation was $77, 275. What is John's realized gain on the sale of the home? a. $347,725 b. $425,000 c. $727,275 d. $788,180 e. None of the above

Explanation / Answer

Q.19 2016 Wages $105,000.00 Interest Income Saving account 975 Capital Loss = (16500-7850 -$8,650.00 Dividend Income 600 Adjusted Gross Income $97,925.00 Q20. 2017 Wages $112,500.00 Capital gain (7500 -5200) $2,300.00 Adjusted Gross Income $114,800.00

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