Mia Is a Single Taxpayer with Projected AGI of $245,000

question 109

True/False

Mia is a single taxpayer with projected AGI of $245,000 in 2013.She is considering selling a long-term investment before year-end.She expects to realize a gain of $25,000.If Mia sells the investment by December 31,her 2013 taxable income will increase by $25,000.

---

Definitions:

Loess

An essentially unconsolidated sediment consisting predominantly of silt, interpreted to be windblown dust, commonly of glacial origin.

Ice-Age Glaciers

Massive sheets of ice and snow that covered large parts of the Earth’s surface during the last glacial period, significantly altering the planet's surface and ecosystem.

Rain Shadow

A relatively dry region on the downwind side of a topographic obstacle, usually a mountain range; rainfall is noticeably less than on the windward side.

Upwelling Ocean Currents

Upwelling ocean currents are oceanic currents that bring deep, cold, and nutrient-rich water to the surface, fueling primary productivity and supporting marine ecosystems.