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Wiley CPA Exam Review Regulation 2012 9th Edition O. Ray Whittington, Patrick R. Delaney - Solutions
To qualify for the child care credit on a joint return, at least one spouse must Have an adjusted gross income of$10,000 or less Be gainfully employed when related expenses are incurreda. Yes Yesb. No Noc. Yes Nod. No Yes
Robert and Mary Jason, filing a joint tax return for 2010, had a tax liability of $9,000 based on their tax table income and three exemptions. Robert and Mary had earned income of $30,000 and$22,000, respectively, during 2010. In order for Mary to be gainfully employed, the Jasons incurred the
Nora Hayes, a widow, maintains a home for herself and her two dependent preschool children. In 2010, Nora’s earned income and adjusted gross income was $44,000. During 2010, Nora paid workrelated expenses of $6,000 for a housekeeper to care for her children.How much can Nora claim for child care
Melvin Crane is sixty-six years old, and his wife, Matilda, is sixty-five. They filed a joint income tax return for 2010, reporting an adjusted gross income of $20,200, on which they owed a tax of $60.They received $3,000 from social security benefits in 2010. How much can they claim on Form 1040
Which of the following credits is a combination of several tax credits to provide uniform rules for the current and carrybackcarryover years?a. General business credit.b. Foreign tax credit.c. Minimum tax credit.d. Enhanced oil recovery credit.VI.K. Credit for the Elderly and the Disabled
Which one of the following credits is not a component of the general business credit?a. Disabled access credit.b. Employer social security credit.c. Foreign tax credit.d. Work opportunity credit.
Smith, a retired corporate executive, earned consulting fees of$8,000 and director’s fees of $2,000 in 2010. Smith’s gross income from self-employment for 2010 isa. $0b. $ 2,000c. $ 8,000d. $10,000
Alex Berger, a retired building contractor, earned the following income during 2010:Director’s fee received from Keith Realty Corp. $ 600 Executor’s fee received from the estate of his deceased sister 7,000 Berger’s gross income from self-employment for 2010 isa. $0b. $ 600c. $7,000d. $7,600
An employee who has had social security tax withheld in an amount greater than the maximum for a particular year, may claima. Such excess as either a credit or an itemized deduction, at the election of the employee, if that excess resulted from correct withholding by two or more employers.b.
The self-employment tax isa. Fully deductible as an itemized deduction.b. Fully deductible in determining net income from selfemployment.c. One-half deductible from gross income in arriving at adjusted gross income.d. Not deductible.
Rich is a cash-basis self-employed air-conditioning repairman with 2010 gross business receipts of $20,000. Rich’s cash disbursements were as follows:Air conditioning parts $2,500 Yellow Pages listing 2,000 Estimated federal income taxes on self-employment income 1,000 Business long-distance
Freeman, a single individual, reported the following income in the current year:Guaranteed payment from services rendered to a partnership $50,000 Ordinary income from an S corporation 20,000 What amount of Freeman’s income is subject to self-employment tax?a. $0b. $20,000c. $50,000d. $70,000
The following information pertains to Joe Diamond, a cashmethod sole proprietor for 2010:Gross receipts from business $150,000 Interest income from personal investments 10,000 Cost of goods sold 80,000 Other business operating expenses 40,000 What amount of net earnings from self-employment would
The alternative minimum tax (AMT) is computed as thea. Excess of the regular tax over the tentative AMT.b. Excess of the tentative AMT over the regular tax.c. The tentative AMT plus the regular tax.d. Lesser of the tentative AMT or the regular tax.V.E. Other Taxes
The credit for prior year alternative minimum tax liability may be carrieda. Forward for a maximum of five years.b. Back to the three preceding years or carried forward for a maximum of five years.c. Back to the three preceding years.d. Forward indefinitely.
An individual’s alternative minimum tax adjustments include Net long-term capital gain in excess of net short-term capital loss Home equity interest expense where loan proceeds not used to buy, build, or improve homea. Yes Yesb. Yes Noc. No Yesd. No No
In 2010, Don Mills, a single taxpayer, had $70,000 in taxable income before personal exemptions. Mills had no tax preferences. His itemized deductions were as follows:State and local income taxes $5,000 Home mortgage interest on loan to acquire residence 6,000 Miscellaneous deductions that exceed
In 2009, Karen Miller had an alternative minimum tax liability of$20,000. This was the first year that she paid an alternative minimum tax. When she recomputed her 2009 alternative minimum tax using only exclusion preferences and adjustments, her alternative minimum tax was $9,000. For 2010, Karen
Randy Lowe reported the following items in computing his regular federal income tax for 2010:Personal exemption $3,650 Itemized deduction for state taxes 1,500 Cash charitable contributions 1,250 Net long-term capital gain 700 Tax-exempt interest from private activity bonds issued in 2008 1,000
Which of the following itemized deductions are deductible when computing the alternative minimum tax for individuals?a. State income taxes.b. Home equity mortgage interest when the loan proceeds were used to purchase an auto.c. Unreimbursed employee expenses in excess of 2% of adjusted gross
Poole, forty-five years old and unmarried, is in the 15% tax bracket. He had 2010 adjusted gross income of $20,000. The following information applies to Poole:Medical expenses $7,500 Standard deduction 5,700 Personal exemption 3,650 Poole wishes to minimize his income tax. What is Poole’s 2010
Mrs. Irma Felton, by herself, maintains her home in which she and her unmarried twenty-six-year-old son reside. Her son, however, does not qualify as her dependent. Mrs. Felton’s husband died in 2010.What is Mrs. Felton’s filing status for 2011?a. Single.b. Qualifying widow with dependent
Nell Brown’s husband died in 2008. Nell did not remarry, and continued to maintain a home for herself and her dependent infant child during 2009, 2010, and 2011, providing full support for herself and her child during these three years. For 2008, Nell properly filed a joint return. For 2011,
Emil Gow’s wife died in 2009. Emil did not remarry, and he continued to maintain a home for himself and his dependent infant child during 2010 and 2011, providing full support for himself and his child during these years. For 2009, Emil properly filed a joint return.For 2011, Emil’s filing
A husband and wife can file a joint return even ifa. The spouses have different tax years, provided that both spouses are alive at the end of the year.b. The spouses have different accounting methods.c. Either spouse was a nonresident alien at any time during the tax year, provided that at least
For head of household filing status, which of the following costs are considered in determining whether the taxpayer has contributed more than one-half the cost of maintaining the household?Insurance on the home Rental value of homea. Yes Yesb. No Noc. Yes Nod. No Yes
Which of the following is(are) among the requirements to enable a taxpayer to be classified as a “qualifying widow(er)”?I. A dependent has lived with the taxpayer for six months.II. The taxpayer has maintained the cost of the principal residence for six months.a. I only.b. II only.c. Both I and
Mr. and Mrs. Vonce, both age sixty-two, filed a joint return for 2010. They provided all the support for their daughter, who is nineteen, legally blind, and who has no income. Their son, age twenty-one and a full-time student at a university, had $6,200 of income and provided 70% of his own support
Sara Hance, who is single and lives alone in Idaho, has no income of her own and is supported in full by the following persons:Amount of support Percent of total Alma (an unrelated friend) $2,400 48 Ben (Sara’s brother) 2,150 43 Carl (Sara’s son) 450 9$5,000 100 Under a multiple support
In 2010, Alan Kott provided more than half the support for his following relatives, none of whom qualified as a member of Alan’s household:Cousin Niece Foster parent None of these relatives had any income, nor did any of these relatives file an individual or joint return. All of these relatives
In 2010, Sam Dunn provided more than half the support for his wife, his father’s brother, and his cousin. Sam’s wife was the only relative who was a member of Sam’s household. None of the relatives had any income, nor did any of them file an individual or a joint return. All of these
Jim Planter, who reached age sixty-five on January 1, 2010, filed a joint return for 2010 with his wife Rita, age fifty. Mary, their twentyone-year-old daughter, was a full-time student at a college until her graduation on June 2, 2010. The daughter had $6,500 of income and provided 25% of her own
Albert and Lois Stoner, age sixty-six and sixty-four, respectively, filed a joint tax return for 2010. They provided all of the support for their blind nineteen-year-old son, who has no gross income. Their twenty-three-year-old daughter, a full-time student until her graduation on June 14, 2010,
John and Mary Arnold are a childless married couple who lived apart (alone in homes maintained by each) the entire year 2010. On December 31, 2010, they were legally separated under a decree of separate maintenance. Which of the following is the only filing status choice available to them when
During 2010 Robert Moore, who is fifty years old and unmarried, maintained his home in which he and his widower father, age seventyfive, resided. His father had $4,700 interest income from a savings account and also received $2,400 from social security during 2010.Robert provided 60% of his
Al and Mary Lew are married and filed a joint 2010 income tax return in which they validly claimed the $3,650 personal exemption for their dependent seventeen-year-old daughter, Doris. Since Doris earned $5,400 in 2010 from a part-time job at the college she attended full-time, Doris was also
Joe and Barb are married, but Barb refuses to sign a 2010 joint return. On Joe’s separate 2010 return, an exemption may be claimed for Barb ifa. Barb was a full-time student for the entire 2010 school year.b. Barb attaches a written statement to Joe’s income tax return, agreeing to be claimed
Jim and Kay Ross contributed to the support of their two children, Dale and Kim, and Jim’s widowed parent, Grant. For 2010, Dale, a twenty-year-old full-time college student, earned $4,500 from a part-time job. Kim, a twenty-three-year-old bank teller, earned$18,000. Grant received $5,000 in
In 2010, Smith, a divorced person, provided over one-half the support for his widowed mother, Ruth, and his son, Clay, both of whom are US citizens. During 2010, Ruth did not live with Smith. She received $9,000 in social security benefits. Clay, a full-time graduate student, and his wife lived
Which one of the following is not included in determining the total support of a dependent?a. Fair rental value of dependent’s lodging.b. Medical insurance premiums paid on behalf of the dependent.c. Birthday presents given to the dependent.d. Nontaxable scholarship received by the dependent.
Harold Brodsky is an electrician employed by a contracting firm.His adjusted gross income is $25,000. During the current year he incurred and paid the following expenses:Use of personal auto for company business (reimbursed under an accountable plan by employer for $200) $300 Specialized work
Magda Micale, a public school teacher with adjusted gross income of $10,000, paid the following items in 2010 for which she received no reimbursement:Initiation fee for membership in teachers’ union $100 Dues to teachers’ union 180 Voluntary unemployment benefit fund contributions to
Joel Rich is an outside salesman, deriving his income solely from commissions, and personally bearing all expenses without reimbursement of any kind. During 2010, Joel paid the following expenses pertaining directly to his activities as an outside salesman:Travel $10,000 Secretarial 7,000 Telephone
Hall, a divorced person and custodian of her twelve-year-old child, submitted the following information to the CPA who prepared her 2010 return:During 2010, Hall spent a total of $1,000 for state lottery tickets. Her lottery winnings in 2010 totaled $200.Hall’s lottery transactions should be
Hall, a divorced person and custodian of her twelve-year-old child, submitted the following information to the CPA who prepared her 2010 return:The divorce agreement, executed in 2007, provides for Hall to receive$3,000 per month, of which $600 is designated as child support. After the child
Which of the following is not a miscellaneous itemized deduction?a. Legal fee for tax advice related to a divorce.b. IRA trustee’s fees that are separately billed and paid.c. Appraisal fee for a charitable contribution.d. Check-writing fees for a personal checking account.
The appraisal fee to determine the amount of the Hoyts’ fire loss wasa. Deductible from gross income in arriving at adjusted gross income.b. Subject to the 2% of adjusted gross income floor for miscellaneous itemized deductions.c. Deductible after reducing the amount by $100.d. Not deductible.
What amount of fire loss were the Hoyts entitled to deduct as an itemized deduction on their 2010 return?a. $5,000b. $2,500c. $1,600d. $1,500
Hall, a divorced person and custodian of her twelve-year-old child, filed her 2010 federal income tax return as head of a household.During 2010 Hall paid a $490 casualty insurance premium on her personal residence. Hall does not rent out any portion of the home, nor use it for business.The casualty
Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2010 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2010. The following unreimbursed cash expenditures were
In 2010, Joan Frazer’s residence was totally destroyed by fire.The property had an adjusted basis and a fair market value of$130,000 before the fire. During 2010, Frazer received insurance reimbursement of $120,000 for the destruction of her home. Frazer’s 2010 adjusted gross income was
Taylor, an unmarried taxpayer, had $90,000 in adjusted gross income for 2010. During 2010, Taylor donated land to a church and made no other contributions. Taylor purchased the land in 1997 as an investment for $14,000. The land’s fair market value was $25,000 on the day of the donation. What is
Jimet, an unmarried taxpayer, qualified to itemize 2010 deductions. Jimet’s 2010 adjusted gross income was $30,000 and he made a $2,000 cash donation directly to a needy family. In 2010, Jimet also donated stock, valued at $3,000, to his church. Jimet had purchased the stock four months earlier
During 2010, Vincent Tally gave to the municipal art museum title to his private collection of rare books that was assessed and valued at $60,000. However, he reserved the right to the collection’s use and possession during his lifetime. For 2010, he reported an adjusted gross income of $100,000.
Under a written agreement between Mrs. Norma Lowe and an approved religious exempt organization, a ten-year-old girl from Vietnam came to live in Mrs. Lowe’s home on August 1, 2010, in order to be able to start school in the US on September 3, 2010. Mrs.Lowe actually spent $500 for food,
On December 15, 2010, Donald Calder made a contribution of$500 to a qualified charitable organization, by charging the contribution on his bank credit card. Calder paid the $500 on January 20, 2011, upon receipt of the bill from the bank. In addition, Calder issued and delivered a promissory note
Ruth Lewis has adjusted gross income of $100,000 for 2010 and itemizes her deductions. On September 1, 2010, she made a contribution to her church of stock held for investment for two years that cost $10,000 and had a fair market value of $70,000. The church sold the stock for $70,000 on the same
Spencer, who itemizes deductions, had adjusted gross income of$60,000 in 2010. The following additional information is available for 2010:Cash contribution to church $4,000 Purchase of art object at church bazaar (with a fair market value of $800 on the date of purchase) 1,200 Donation of used
Moore, a single taxpayer, had $50,000 in adjusted gross income for 2010. During 2010 she contributed $18,000 to her church. She had a $10,000 charitable contribution carryover from her 2009 church contributions. What was the maximum amount of properly substantiated charitable contributions that
Stein, an unmarried taxpayer, had adjusted gross income of$80,000 for the year and qualified to itemize deductions. Stein had no charitable contribution carryovers and only made one contribution during the year. Stein donated stock, purchased seven years earlier for$17,000, to a tax-exempt
Smith, a single individual, made the following charitable contributions during the current year. Smith’s adjusted gross income is$60,000.Donation to Smith’s church $5,000 Artwork donated to the local art museum. Smith purchased it for $2,000 four months ago.A local art dealer appraised it for
During 2011, William Clark was assessed a deficiency on his 2009 federal income tax return. As a result of this assessment he was required to pay $1,120 determined as follows:Additional tax $900 Late filing penalty 60 Negligence penalty 90 Interest 70 What portion of the $1,120 would qualify as
Charles Wolfe purchased the following long-term investments at par during 2010:$20,000 general obligation bonds of Burlington County(wholly tax-exempt)$10,000 debentures of Arrow Corporation Wolfe financed these purchases by obtaining a $30,000 loan from the Union National Bank. For the year 2010,
Robert and Judy Parker made the following payments during 2010:Interest on a life insurance policy loan (the loan proceeds were used for personal use) $1,200 Interest on home mortgage for period January 1 to October 4, 2010 3,600 Penalty payment for prepayment of home mortgage on October 4, 2010
Jackson owns two residences. The second residence, which has never been used for rental purposes, is the only residence that is subject to a mortgage. The following expenses were incurred for the second residence in 2010:Mortgage interest $5,000 Utilities 1,200 Insurance 6,000 For regular income
On January 2, 2007, the Philips paid $50,000 cash and obtained a$200,000 mortgage to purchase a home. In 2010 they borrowed$15,000 secured by their home, and used the cash to add a new room to their residence. That same year they took out a $5,000 auto loan.The following information pertains to
The Browns borrowed $20,000, secured by their home, to purchase a new automobile. At the time of the loan, the fair market value of their home was $400,000, and it was unencumbered by other debt. The interest on the loan qualifies asa. Deductible personal interest.b. Deductible qualified residence
The 2011 deduction by an individual taxpayer for interest on investment indebtedness isa. Limited to the investment interest paid in 2011.b. Limited to the taxpayer’s 2011 interest income.c. Limited to the taxpayer’s 2011 net investment income.d. Not limited.
Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2010 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2010. The following unreimbursed cash expenditures were
During 2010 Mr. and Mrs. West paid the following taxes:Property taxes on residence $1,800 Special assessment for installation of a sewer system in their town 1,000 State personal property tax on their automobile 600 Property taxes on land held for long-term appreciation 300 What amount can the
George Granger sold a plot of land to Albert King on July 1, 2011. Granger had not paid any realty taxes on the land since 2009.Delinquent 2010 taxes amounted to $600, and 2011 taxes amounted to$700. King paid the 2010 and 2011 taxes in full in 2011, when he bought the land. What portion of the
During 2010, Jack and Mary Bronson paid the following taxes:Taxes on residence (for period January 1 to December 31, 2010) $2,700 State motor vehicle tax on value of the car 360 The Bronsons sold their house on June 30, 2010, under an agreement in which the real estate taxes were not prorated
Sara Harding is a cash-basis taxpayer who itemized her deductions. The following information pertains to Sara’s state income taxes for the taxable year 2010:Withheld by employer in 2010 $2,000 Payments on 2010 estimate:4/15/10 $300 6/15/10 300 9/15/10 300 1/15/11 300 1,200 Total paid and withheld
In 2010, Burg paid $8,000 to the tax collector of Sun City for realty taxes on a two-family house owned in joint tenancy between Burg and his mother. Of this amount, $3,800 covered back taxes for 2009, and $4,200 covered 2010 taxes. Burg resides on the second floor of the house, and his mother
In 2010, Farb, a cash-basis individual taxpayer, received an$8,000 invoice for personal property taxes. Believing the amount to be overstated by $5,000, Farb paid the invoiced amount under protest and immediately started legal action to recover the overstatement. In June 2011, the matter was
Matthews was a cash-basis taxpayer whose records showed the following:2010 state and local income taxes withheld $1,500 2010 state estimated income taxes paid December 30, 2010 400 2010 federal income taxes withheld 2,500 2010 state and local income taxes paid April 17, 2011 300 What total amount
All of the following taxes are deductible as itemized deductions by a self-employed taxpayer excepta. Foreign real estate taxes.b. Foreign income taxes.c. Personal property taxes.d. One-half of self-employment taxes.
During 2010, Mr. and Mrs. Benson provided substantially all the support, in their own home, for their son John, age twenty-six, and for Mrs. Benson’s cousin Nancy, age seventeen. John had $3,900 of income for 2010, and Nancy’s income was $2,500. The Bensons paid the following medical expenses
Jon Stenger, a cash-basis taxpayer, had adjusted gross income of$35,000 in 2010. During the year he incurred and paid the following medical expenses:Drugs and medicines prescribed by doctors $ 300 Health insurance premiums 750 Doctors’ fees 2,550 Eyeglasses 75$3,675 Stenger received $900 in 2010
Which one of the following expenditures qualifies as a deductible medical expense for tax purposes?a. Diaper service.b. Funeral expenses.c. Nursing care for a healthy baby.d. Premiums paid for Medicare B supplemental medical insurance.
During 2010, Scott charged $4,000 on his credit card for his dependent son’s medical expenses. Payment to the credit card company had not been made by the time Scott filed his income tax return in 2011. However, in 2010, Scott paid a physician $2,800 for the medical expenses of his wife, who died
Ruth and Mark Cline are married and will file a joint 2010 income tax return. Among their expenditures during 2010 were the following discretionary costs that they incurred for the sole purpose of improving their physical appearance and self-esteem:Face-lift for Ruth, performed by a licensed
Mr. and Mrs. Sloan incurred the following expenses on December 15, 2010, when they adopted a child:Child’s medical expenses $5,000 Legal expenses 9,000 Agency fee 4,000 Before consideration of any “floor” or other limitation on deductibility, what amount of the above expenses may the Sloans
In 2010, Wells paid the following expenses:Premiums on an insurance policy against loss of earnings due to sickness or accident $3,000 Physical therapy after spinal surgery 2,000 Premium on an insurance policy that covers reimbursement for the cost of prescription drugs 500 In 2010, Wells recovered
Tom and Sally White, married and filing joint income tax returns, derive their entire income from the operation of their retail stationery shop. Their 2010 adjusted gross income was $100,000. The Whites itemized their deductions on Schedule A for 2010. The following unreimbursed cash expenditures
Charlene and Gene Blair are married and filed a joint return for 2010. Their medical related expenditures for 2010 included the following:Medical insurance premiums $ 800 Medicines prescribed by doctors 450 Aspirin and over-the-counter cold capsules 80 Unreimbursed doctor fees 1,000 Transportation
Carroll, an unmarried taxpayer with an adjusted gross income of $100,000, incurred and paid the following unreimbursed medical expenses for the year:Doctor bills resulting from a serious fall $ 5,000 Cosmetic surgery that was necessary to correct a congenital deformity 15,000 Carroll had no medical
Which of the following requirements must be met in order for a single individual to qualify for the additional standard deduction?Must be age 65 or older or blind Must support dependent child or aged parenta. Yes Yesb. No Noc. Yes Nod. No Yes III.A. Medical and Dental Expenses
During 2011, George (age nine and claimed as a dependency exemption by his parents) received dividend income of $3,700, and had wages from an after-school job of $1,700. What is the amount that will be reported as George’s taxable income for 2011?a. $ 250b. $3,400c. $3,450d. $5,400
Dale received $1,000 in 2011 for jury duty. In exchange for regular compensation from her employer during the period of jury service, Dale was required to remit the entire $1,000 to her employer in 2011. In Dale’s 2011 income tax return, the $1,000 jury duty fee should bea. Claimed in full as an
Which one of the following statements concerning the deduction for interest on qualified education loans is not correct?a. The deduction is available even if the taxpayer does not itemize deductions.b. The deduction only applies to the first sixty months of interest payments.c. Qualified education
Which allowable deduction can be claimed in arriving at an individual’s 2011 adjusted gross income?a. Charitable contribution.b. Foreign income taxes.c. Tax return preparation fees.d. Self-employed health insurance deduction.II.G. Deduction for Interest on Education Loan
In 2011, contributions to a defined contribution qualified retirement plan on behalf of a self-employed individual whose income from self-employment is $50,000 are limited toa. $ 4,000b. $40,000c. $49,000d. $50,000
Paul and Lois Lee, both age fifty, are married and filed a joint return for 2011. Their 2011 adjusted gross income was $85,000, including Paul’s $75,000 salary. Lois had no income of her own.Neither spouse was covered by an employer-sponsored pension plan.What amount could the Lees contribute to
Sol and Julia Crane (both age 43) are married and filed a joint return for 2011. Sol earned a salary of $110,000 in 2011 from his job at Troy Corp., where Sol is covered by his employer’s pension plan. In addition, Sol and Julia earned interest of $3,000 in 2011 on their joint savings account.
Ronald Birch, who is single and age 28, earned a salary of $70,000 in 2011 as a plumber employed by Lupo Company. Birch was covered for the entire year 2011 under Lupo’s qualified pension plan for employees. In addition, Birch had a net income of $15,000 from selfemployment in 2011. What is the
Davis, a sole proprietor with no employees, has a Keogh profitsharing plan to which he may contribute 15% of his annual earned income. For this purpose, “earned income” is defined as net selfemployment earnings reduced by thea. Deductible Keogh contribution.b. Self-employment tax.c.
For 2011, Val and Pat White (both age 40) filed a joint return. Val earned $55,000 in wages and was covered by his employer’s qualified pension plan. Pat was unemployed and received $4,000 in alimony payments for the first four months of the year before remarrying. The couple had no other income.
Which one of the following statements concerning an education IRA (Coverdell Education Savings Account) is not correct?a. Contributions to an education IRA are not deductible.b. A taxpayer may contribute up to $2,000 in 2011 to an education IRA to pay the costs of the designated beneficiary’s
What is the maximum amount of adjusted gross income that a taxpayer may have for 2011 and still qualify to roll over the balance from a traditional individual retirement account (IRA) into a Roth IRA?a. $ 50,000b. $ 80,000c. $100,000d. There is no maximum AGI limitation.
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