Part I - Questions 1 - 45 - Multiple Choice (Circle the best choice) 1. During the current year, Walter, a single taxpayer, had the following items Salary S105,000 Personal use casualty gain 45,000 Personal use casualty loss (after $100 floor) 58,000 Cash contribution to church 25,000 Determine Walter's taxable income for the current year before deduction fa $67,000 $82,000 $77,500 $80,000 None of the above. 2. Harry, a married taxpayer filing a joint return, had the following items Salary of $140,000.- Gain of $50,000 on the sale of stock acquired two years investor. Loss of $80,000 on the sale of $1244 stock acquired three y Stock acquired on January 15, 2017, for $70,000 becam 2017. joo Determine Harry's AGI for 2017. a. $140,000 b. $57,000 $40,000 $60,000 None of the above. Ethaft of stock held for investment the allowabl