91 andrea died with an unused capital loss carryover of 3 300 the carryover a may be 4314196

91) Andrea died with an unused capital loss carryover of $3,300. The carryover

A) may be carried back three years.

B) will be fully used on Andrea's final income tax return.

C) will be inherited by Andrea's heirs.

D) expires with death.

92) This year, Lauren sold several shares of stock held for investment. The following is a summary of her capital transactions for the year:

Acquired	Sold This Year	Selling Price	Cost
09/25/2013	12/15	$800	$1,000
02/15/2013	07/15	2,200	1,750
06/25/2007	08/01	3,500	2,300
12/28/2009	06/15	750	900

What are the amounts of Lauren's capital gains (losses) for this year?

A)

NLTG	NSTG
$  1,300	$-0-

B)

NLTG	NSTG
$     850	$450

C)

NLTG	NSTG
$  1,050	$250

D)

NLTG	NSTG
($1,050)	($250)

93) Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will

A) deduct net losses of $6,200 against ordinary income.

B) deduct losses of $3,000 against ordinary income and carry $3,200 of STCL forward.

C) deduct losses of $3,000 against ordinary income and carry $3.200 of LTCL forward.

D) deduct losses of $3,000 against ordinary income and carry $3,200 of losses back two years.

94) Stella has two transactions involving the sale of capital assets during the year resulting in a STCL of $5,200 and LTCL of $2,400. As a result, Stella can offset

A) $5,200 of ordinary income and have a LTCL carryforward of $2,400.

B) $3,000 of ordinary income and have a $4,600 STCL carryforward.

C) $3,000 of ordinary income and have a $2,200 STCL carryforward and $2,400 LTCL carryforward.

D) $7,600 of ordinary income.

95) Gertie has a NSTCL of $9,000 and a NLTCG of $5,500 during the current taxable year. After gains and losses are offset, Gertie reports

A)

An offset against ordinary income	Loss carryforward
$ 3,000	$ -0-

B)

An offset against ordinary income	Loss carryforward
$ 3,000	$ 500

C)

An offset against ordinary income	Loss carryforward
$ 3,500	$ -0-

D)

An offset against ordinary income	Loss carryforward
$ 3,000	$ 6,000

96) During the current year, Nancy had the following transactions:

Short-term capital loss	($1,800)
Short-term capital gain	3,600
Short-term capital loss carryover from last year	( 2,200)
Long-term capital gain	7,000
Long-term capital loss	( 15,000)

What is the amount of her capital loss deduction for the current year, and what is the amount and character of her capital loss carryover?

A)

Deduction	Carryover
$4,000	$400 short-term and $5,000 long-term

B)

Deduction	Carryover
$3,000	$5,400 LTCL carryover

C)

Deduction	Carryover
$3,000	$5,000 long-term

D)

Deduction	Carryover
$12,100	$ -0-

97) Kendrick, who has a 35% marginal tax rate, had the following results from transactions during the year:

Collectibles gain	$20,000
Short-term capital loss	4,000
Long-term capital gain	8,000

After offsetting the STCL, what is (are) the resulting gain(s)?

A) $16,000 collectibles gain, $8,000 LTCG

B) $20,000 collectibles gain, $4,000 LTCG

C) $24,000 LTCG

D) $20,000 collectibles gain, $8,000 LTCG

98) Amanda, whose tax rate is 33%, has NSTCL of $25,000, a $30,000 LTCG from sale of a rare coin held 15 months and a $18,000 LTCG from the sale of stock held for three years. By what amount will Amanda's tax liability increase?

A) $3,450

B) $4,100

C) $6,440

D) $7,340

99) Candice owns a mutual fund that reinvests her dividends and capital gains earned during the year. The mutual fund reported to her that her share of earnings was: $500 in dividends, $1,500 in short-term net capital gains, and $1,300 in long-term net capital gains. She reported the items on her tax return and paid the appropriate tax on these earnings. If her basis in the fund was $25,000 at the beginning of the year, what is her basis at the end of the year?

A) $25,000

B) $25,500

C) $27,000

D) $28,300

100) Olivia, a single taxpayer, has AGI of $280,000 which includes $220,000 of salary and $60,000 of investment income.  She will pay Medicare tax on the $60,000 of investment income of

A) $-0-.

B) $2,280.

C) $9,000.

D) $870.