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BUS261 tax returns




Question;COMPREHENSIVE;PROBLEM 6;With Emphasis;on Schedule D;Debra Simon is;a single taxpayer. She is employed as a corporate attorney and lives at 1400;Sand Dollar Circle, Sandville, FL 33172. Her social security number is;412-34-5670.;For tax year;2013, Debra had the following income information;Debra had the;following stock transactions during 2013. A 1099-B was received for the;proceeds of each sale;Debra also sold;her wine collection for $38,000. She had purchased the wine more than five;years ago on various dates for $19,000.;Debra has a;capital loss carryover from 2012 of $11,700: $3,000 short-term and $8,700;long-term.;Debra rents a;condo (no mortgage interest) and lives in Florida (no state income tax). Thus;she claims the standard deduction.;Required;Required: Complete;the 2013 tax return for Debra Simon. You do not need to complete the loss;carryover worksheet but do need to enter the carryover amount in the;appropriate place on Schedule D. She wants to contribute to the presidential;election campaign and does not want anyone to be a third-party designee. For;any missing information, make reasonable assumptions.;COMPREHENSIVE;PROBLEM 7;With Emphasis on;Schedule E;Chris and Stefani;Watanabe live with their two boys at 1400 Victoria Lane, Riverside, CA 92501.;Chris is an accountant who has his own accounting practice. Stefani is an;elementary school teacher. Their sons, Justin and Jordan, are ages 12 and 9;respectively. The following is additional information regarding the Watanabes.;Social security;numbers for the Watanabe family;Chris;412-34-5670;Stefani;412-34-5671;Justin;412-34-5672;Jordan;412-34-5673;They paid $4,500;to Friendly Hills Child Care center for after-school care for both Justin and;Jordan, allocated equally.;Stefani's W-2 from;the Riverside school district showed the following;Chris's;accounting business is located in downtown Riverside. His business had the;following income and expense information for the year;Gross revenues;$165,000;Expenses;?Advertising;$ 2,100;?Insurance;1,200;?Legal fees;10,500;?Office supplies;800;?Rent;24,000;?Travel;6,945;?Meals entertainment;2,400;?Utilities;2,800;?Wages;34,000;?Dues;650;Additionally;Chris and Stefani paid the following expenses during the year;Medical and dental expenses;$ 4,500;Property tax (home on Victoria Lane);3,750;State income taxes;3,900;Donations to the church (cash);3,500;Tax return preparation;800;Mortgage interest (home on Victoria Lane);14,900;Chris and Stefani;also earned $975 of interest income from California Bank during the year.;Page B-8;Lastly, Chris and;Stefani own a 3-bedroom cabin in Big Bear Lake (they bought it in 2003). The;address is 3105 Stonehedge Road, Big Bear Lake, CA 92315. They did not use the;property for personal use at any time during the year. The revenue and expenses;for the Big Bear Lake rental property are as follows;Rental income;$18,000;Expenses;?Insurance;$ 1,200;?Property taxes;2,500;?Auto (standard mileage);267;?Management fees;1,600;?Repairs and maintenance;1,100;?Mortgage interest;9,000;?Depreciation;960;?Utilities;450;The Watanabes;also made $18,000 and $7,000 in federal and California estimated income tax;payments, respectively, during the year.;Required;Required: Prepare;the Watanabes' federal tax return for 2013. Use Form 1040, Schedule A, Schedule;C, Schedule E, Schedule SE, and any additional schedules or forms they may;need. They want to contribute to the presidential election campaign, and they;do not want anyone to be a third-party designee. For any missing information;make reasonable assumptions.


Paper#38452 | Written in 18-Jul-2015

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