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[15] Harvey died on November 7, Year 1, leaving his entire \$2 million estate to his brother, Ken. Harvey's excutor validly elected the alternate valuation date. Harvey's estate included 1,000 shares of Morbid stock for which Harvey's basis was $77,500. The stock was distributed to Ken 8 months after Harvey's death. The FMV of this stock over the 8 months following Harvey's death was as follows: Ken's basis in this stock is A. $77,500 B. $85,000 C. $92,500 D. $94,500 [16] Terry, a taxpayer, purchased stock for $12,000. Later, Terry sold the stock to a relative for $8,000. What amount is Terry's recognized gain or loss? A. $4,000 gain. B. $2,000 gain. C. $0 D. $2,000 loss. [17] Jim and Margaret Mason, both age 40, are married and filed a joint return for 2022. Both worked, but neither spouse was covered by an employer-sponsored pension plan. The Masons' adjusted gross income was $130,600, including Jim's salary of $129,000. Margaret earned $1,200 in wages and $400 in interest from her savings account. What is the amount of the maximum allowable IRA contribution and deduction on their 2022 return? A. $6,000 B. $7,000 C. $14,000 D. $12,000 [18] Jay was given jewelry in the current year. At the time of the gift, the jeweiry had a FMV of $20.000 and an adjusted basis to the donor of $5,000. The donor paid a tax of ($800 on the gift. Ignoring any annual exclusion, what is jay's basis in the jewelry? A. $5,600 3. $5,800 . $20,000 $20,800

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