1) During the current year, Aaron recognizes a $30,000 Sec. 1231 gain and a $22,000 Sec. 1231 loss. Prior to this, Aaron's only Sec. 1231 item was a $15,000 loss four years ago. Aaron must report a(n)

		$8,000 net LTCG.
		$8,000 ordinary income.
		$15,000 ordinary income.
		$8,000 ordinary income and $7,000 net LTCG.

2) John and Monica have three children, ages 15, 16, and 24. The 24 year-old lives in another state where he works full-time as a retail store manager. He does not go to college. John and Monicas modified AGI is $185,500. What is their child tax credit?

		$1,450
		$2,900
		$4,000
		$2,000