1) F, a single taxpayer, age 42, had income and expenses as follows for 2020: Total income...

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1) F, a single taxpayer, age 42, had income and expenses as follows for 2020: Total income $33,000 Exclusions (municipal bond interest) 2,000 Deductions for A.G.I. 1,200 Total itemized deductions 18,020 Standard deduction 12,400 What are F's adjusted gross income and her taxable income, respectively?

a. $29,800; $11,780

b. $29,800; $17,400

c. $29,800; $620

d. $33,000; $14,980

2) G is an eleven-year-old heiress whose share of income from various sources is as follows for the current year:

G's Share of

Entity's G's Share of

Source Net Income Distributions

LM Trust $45,000 $30,000

ABC Partnership 80,000 22,000

XYZ Corporation, a C corporation 480,000 76,000

Interest from bank savings account 50,000

G's A.G.I. (ignoring the deduction for one-half of any self-employment tax, if any) is how much?

a. $178,000

b. $605,000

c. $251,000

d. $236,000