1. Which is NOT an adjustment for AGI from Gross Income? Group of answer choices

Medical expenses

Student loan deduction

Contributions to Health Savings Accounts

One-half of self-employment tax

2. Sally owns a real estate flipping business. Assume she purchases a residential rental property for $535,000, plus $6,500 in closing costs, and would like to depreciate it straight-line depreciation over the 27.5 year life, what would be the first year of depreciation? (Assume a half-life convention).
Group of answer choices

$1,050.28

$0

$9,845.45

$19,690.90

3. Seth buys Bitcoin and experiences a dramatic 50% dip where he loses $10,500 in just 6 months. If he sold his position within 8 months of buying it, during the 2020 tax year, his net capital loss that he can report on his 1040 is:

Group of answer choices

$3,000 short-term capital loss.

$10,500 short-term capital loss.

$10,000 short-term capital loss.

$7,500 short-term capital loss.

4. ssuming the stock market jumps 15% last year, which equity-indexed annuity indexing method allows for the annuitant to accrue the most benefit?

Group of answer choices

Uppity-up

Point-to-point

High watermark

Ratcheting

5. Gene is 70 years of age and has a life expectancy of 16 years. He purchased a non-qualified annuity in 1999 for $80,000 and has decided to annuitize it. Payments from the annuity will be $12,000 annually. How much ordinary income will Gene report each year?
Group of answer choices

0

$7,000

$12,000

$5,000