Carlos recently won a $20,000 prize for outstanding achievement in his field. Carlos has requested that the prize money be paid directly to his favorite qualified charity. Which of the following requirements must be met in order to exclude the prize money from Carlos’s gross income?

Joe had the following during the current year a gift from his friend of $800, $6,000 interest on CD’s, $3,500 interest on municipal bonds, and $4,000 in dividends from Wal-Mart. What is Joe’s gross income?

Debra & Chase make a deal to exchange real property What is Chase’s gain or loss according to the following facts? Chase’ Basis $15,000 Cash Received by Chase – $20,000  Debra’s Basis $45,000. Market Value of property Received by Debra – $41,000

If deductions are itemized, which of the following statements is true for tax year 2023:I. A taxpayer may deduct interest expense to create taxable and nontaxable investment income.II. A taxpayer may deduct the full amount of both state income taxes and state sales taxes.III. A taxpayer may deduct both interest and points paid on a $750,000 mortgage.

Ryan has realized several capital gains and losses this year:$12,000 in short-term capital gains.$17,000 in short-term capital losses.$20,000 in long-term capital gains.$8,000 in long-term capital losses. What is Ryan’s net gain or loss?

Which of the following is not a preference item, or adjustment, for purposes of the individual alternative minimum tax?  

On October 15 of last year, Erin purchased stock in Happy Irish Ale Corporation for $2,000. The stock is not small business stock. On June 15 of the current year, the stock became worthless. How should Erin treat the loss this year on her tax return?

Arrange the following statutes of limitation from longest to shortest.  1. Fraud. 2. Collection of deficiency by IRS. 3. Substantial Understatement of Income greater than 25%. 4. General Statute of Limitations under Section 6501.

A business activity is presumed to be “engaged in for profit” if it produces a profit for what number of tax years out of the five consecutive years ending with the current year (other than horse related activities)?

Travis owns rental property and is an active participant in the management & upkeep of the property.  Unfortunately the property suffered a loss of $24,000.   If Randy’s AGI is $160,000 for the current  year, what is his  available loss against ordinary income assuming he has the required amount at risk?