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1. Taxpayer and Spouse are a married couple filing a joint return and claiming the standard deduction. The couple have the following two dependents. During 2019, the couple earned salary of $405,000 and interest on corporate bonds of $15,000. Determine the total amount of Child Tax Credit and Credit for Other Dependents to which Taxpayer is entitled for the year.

• Child 1, age 6 at 12/31/19
• Child 2, age 17 at 12/31/19

2. n 2019, Taxpayer, whose filing status is Single, realized the following gains and losses from the sale of investments. Determine the amount and nature of Taxpayer's gain and loss after netting.

• $2,200 long-term capital gain
• $24,800 short-term capital gain
• $9,100 long-term capital loss
• $15,000 short-term capital loss
• $2,900 net short-term capital loss
• None of the choices is correct
• $2,900 net long-term capital loss
• $2,900 net long-term capital gain
• $2,900 net short-term capital gain

3. During the tax year, Taxpayer, who is unmarried, earned $70,000 in ordinary income, a net short-term capital loss of $6,500 and a net long-term capital gain of $1,250. Select the option that best describes the impact of the capital gains and losses.

Taxpayer must report an offset again ordinary income of $3,000 and a short-term capital loss carryforward of $2,250.

Taxpayer must report an offset again ordinary income of $3,000 and a long-term capital loss carryforward of $2,250.

Taxpayer must report an offset of $5,250 against ordinary income and no capital loss carryforward.

Taxpayer must report no offset against ordinary income and a $5,250 short-term capital loss carryforward.

Taxpayer and Spouse are a married couple filing jointly. For 2019, the couple reported AGI of $174,000 and taxable income of $149,600. During the year, the couple paid $3,200 for tuition and related fees so that their dependent child, age 18, could attend her first year of college. Determine the amount of the American Opportunity Tax Credit to which the couple is entitled for the year.

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