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A $16.$

During $2023,$ Trevor has the following capital transactions:

LTCG from sale of Microsoft stock

LTCG from the sale of land

$ $6,000$

$C_0$ from sate of Disney stock

STCL from sale of Hang Ten stock

$2,000$

$10,000$

After the netting process, the following results:

a$.$ LTCG of $$8,000$ and $ TCG of $$6,000.$

b$.$ LTCG of $$8,000$ that is realized, but only $$3,000$ of the $$TCL$ can be used.

c$.$ None of the above.

d$.$ Net LTCG of $$2,000.$

True$/$False $(2$ points each $11=22$ points$)$

Indicate whether the sentence or statement is true or false by marking the scan$-$tron form provided: $a=$ True, b ALLOCATE $12$ MINUTES FOR THIS SECTION.

$17.$ Mohaned owned stock that decreased in value by $$5,000$ during the year, but he did not sell the st Mohaned has a realized and recognized loss in the amount of $$3,000.$

$18.$ The FICA tax on wages is imposed on the employer only.

$19.$ The pay$-$as$-$you$-$go feature of the Federal income tax requires individuals with income from than wages to make semi$-$annual estimated tax payments.

F

$20.$ Chariel serves as executor of Uncle Al's estate and receives a fee of $$1,000.$ Chariel may inheritance and does not need to include this amount in income.

$21.$ Itemized deductions are reported on Schedule C of Form $1040.$

$22.$ Moe prepares a tax return for Carlos and charges him $$500.$ Moe tells Carlos to pay borrowed $$500$ from Vlad and is repaying the loan$).$ Moe doesn't have to pay the ta: Vlad received it$.$

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