Question

1) Dennis exchanges a business storage facility with a $120,000 adjusted basis for $40,000 cash and a parking lot with a $140,000 FMV. What is the amount of gain which Dennis recognizes on the exchange?

		$0
		$20,000
		$40,000
		$60,000

2) Kyle and Jessica are filing a married filing joint return in 2019. Their modified AGI for the year is $140,000. They sent their son to his second year of college in 2019. Their total tuition and related payments for their son during 2019 amounted to $9,500. They have not taken advantage of any other type of tax benefit related to educational expenses. Their American Opportunity Tax Credit for 2019 is

		$2,500.
		$9,500.
		$1,500.
		$1,900.

Answer 1

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