Part I $-$ Questions $1-30-$Multiple Choice $($Circle the best choice$)$

During the current year, Walter, a single taxpayer, had the following items:

$\backslash$table$[[,,],[$Salary$,,],[$Personal use casualty gain,$50,000,],[$Personal use casualty loss $($after $$100$ floor$),69,000,19000],[$Cash contribution to church,$49,000,]]$

Assuming the standard deduction is $$12,500\mathrm{.}00,$ determine Walter's taxable income for the current year.

a$.)$ $$97,000$

b$.,$$$101,000$

c$.$ $$102\mathrm{.}500$

d$.,$$$137,500,000$

e$.$ None of the above.

$2.$ Harry, a married taxpayer filing a joint return, had the following items for $2019$:

Salary of $$165,000.$

Gain of $$45,000$ on the sale of stock acquired two years ago.

Loss of $$85,000$ on the sale of $$1244$ stock acquired three years ago.

Stock acquired on January $15,2019,$ for $$70,000$ became worthless on July $1,2019.$

Determine Harry's AGI for $2019.$

a$.$ $$265,000$

$($b$.)$ $$162,000$

c$.$ $$80,000$

a$.)$ $$77,000$

e$.$ None of the above.

In the case of theft of stock held for investment the allowable loss is reduced by:

a$.$ Zero percent of AGI

b$.$ Ten percent of AGI

c$.$ Two percent of AGI

$($d$.)$ $$100$ floor and $10\%$ of AGI

e$.$ None of the above

During the year, Tyrone's personal residence was damaged by fire. Tyrone's insurance covered $$166,500\mathrm{.}00$ of the loss, which he received in the same year of the fire. Tyrone had adjusted gross income, before considering the casualty item, of $$40,000.$ Pertinent data with respect to the residence follows: