1. For the year ended 1996, Harris had a salary of $42,000. Also, the following capital...

1. For the year ended 1996, Harris had a salary of $42,000. Also, the following capital transactions transpired during the year:

LTCG $15,000; LTCL ($5,000); STCG $5,000; STCL ($9,000)

What is his AGI$

	a.	$62,000
	b.	$39,000
	c.	$42,000
	d.	$48,000

2. Barney is single, reports net investment income of $75,000 and has modified adjusted gross income of $230,000 in 2020. What is Barney's net investment income tax?

	a.	$5,890
	b.	$1,140
	c.	$2,850
	d.	$0, because he is not subject to that tax.

3. Carly has two children under 13 and worked full time while her spouse, Michael, was attending college for 9 months during the year. Carly incurred $7,000 of child care expenses. In calculating the credit for child care expenses, the applicable percentage would be multiplied by which of the following amounts?

	a.	$4,500
	b.	$3,000
	c.	$6,000
	d.	$7,000

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