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chapter 7 tax returns

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Question;i need help with my chapter 7 tax returnsMason Phillips, age 45, and his wife, Ruth;live at 230 Wood Lane, Salt Lake City, UT 84101. Mason?s social security number;is 111-11-1111. Ruth?s social security number is 123-45-6789. Mason and Ruth;are cash basis taxpayers and had the following items for 2013;?;Salary of $140,000;?;Bad debt of $30,000 from;uncollected rent;?;Collection of unpaid rent from;a prior year of $6,000;?;Sale of S 1244 stock resulting;in a loss of $105,000. The stock was acquired eight months ago;?;Rental Income of $60,000;?;Rental Expenses of $33,000;?;Casualty loss on rental;property of $10,000;?;Personal casualty loss (from;one event) of $20,000;?;Theft loss of $5,000 on a;computer used 100% associated with their jobs;?;Theft loss of $8,000 on a;painting held for investment;?;Other itemized deductions of;$18,000;?;Federal income tax withheld of;$3,000;Compute Mason and Ruth?s;2013 Federal Income tax payable (or refund due).

 

Paper#40073 | Written in 18-Jul-2015

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