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8 points:  Identify the antagonistic hormones that control blood glucose levels.  Identify the effect of each hormone and the gland that produces both hormones.

4 points:  Identify the endocrine organ that produces Releasing and Inhibiting Hormones.  Which endocrine organ is the target of these hormones?

5 points:  Describe an artery in terms of its length (long or short) and its diameter (narrow or wide) that raise blood pressure.

Iorek purchased a hot-air balloon from Lee by giving him armor with a fair market value of $15,000 and assuming Lee’s remaining debt worth $12,000. When Iorek gave the armor to Lee his basis in it was $2,500. Iorek paid $1,500 towards legal fees and commissions to complete the sale. What is Iorek’s adjusted basis on the purchase?

Abba Zabba is a single taxpayer who purchased a home for $300,000.  At the time they purchased this home, they used all of their §121 gain exclusion. After living in the home for 18 months, unforeseen circumstances caused Abba Zabba to have to move across the country. Consequently, they sold this home for $500,000.  How much, if any, of their gain on the sale of this residence do they recognize in taxable income? Round all calculations to the dollar.

Iorek purchased a hot-air balloon from Lee by giving him armor with a fair market value of $15,000 and assuming Lee’s remaining debt worth $15,000. When Iorek gave the armor to Lee his basis in it was $6,000. Iorek paid $1,500 towards legal fees and commissions to complete the sale. What is Iorek’s adjusted basis on the purchase?

Abba Zabba is a single taxpayer who purchased a home for $300,000.  At the time they purchased this home, they used all of their §121 gain exclusion. After living in the home for 16 months, unforeseen circumstances caused Abba Zabba to have to move across the country. Consequently, they sold this home for $650,000.  How much, if any, of their gain on the sale of this residence do they recognize in taxable income? Round all calculations to the dollar.

Abba Zabba is a single taxpayer who purchased a home for $300,000.  At the time they purchased this home, they used all of their §121 gain exclusion. After living in the home for 18 months, unforeseen circumstances caused Abba Zabba to have to move across the country. Consequently, they sold this home for $650,000.  How much, if any, of their gain on the sale of this residence do they recognize in taxable income? Round all calculations to the dollar.

Iorek purchased a hot-air balloon from Lee by giving him armor with a fair market value of $10,000 and assuming Lee’s remaining debt worth $15,000. When Iorek gave the armor to Lee his basis in it was $2,500. Iorek paid $1,500 towards legal fees and commissions to complete the sale. What is Iorek’s adjusted basis on the purchase?

Which of the following statements is true regarding passive activities?