Accountancy Assignment 1
Tax Return
Joon, age 51, is an unmarried, cash basis, calendar year taxpayer. Joonhas one 9-year-old qualifying child who lives with him full-time and is claimed on Form 1040. Joon has the following income and deductions for 2016:
RECEIPTS FOR YEAR/Deductions
Salaries and wages from local school district $78,000
Interest from Friendly Bank 1,235
Dividends from Tandem Diabetic Corporation (a publicly traded
U.S. corporation) 36
Allowable itemized deductions 6,970
RENTAL OPERATIONS
Rental income 14,400
Interest expense 7,800
Property taxes 1,450
Insurance 1,260
Depreciation--Building 2,895
Depreciation-Appliances 941
SALE OF RENTAL RESIDENCE
Sales price (October 26, 2016) 210,600
Cost (October 18, 2010)--$40,000 assigned to land 119,600
Depreciation allowed (Straight line MACRS) 17,367
Selling commission 7,440
Purchase costs (recording, other legal) 2,760
SALE OF APPLIANCES WITH RESIDENCE
Sales price (October 26, 2016) 6,600
Cost (September 25, 2014) 9,800
Depreciation allowed (Straight line MACRS) 6,037
Prepare the following forms for Joon for 2016:
Form 1040
Schedule D (Required)-Worksheet Not Required-You may calculate the tax without completing the worksheet. See October 26 Solutions for an example.
Schedule E
Form 4562
Form 4797
Provide any information that is not stated.
Accountancy Assignment 2
Tax Return
Brianna, age 29, is an unmarried, cash basis, calendar year taxpayer. Aileenhas no dependents. Aileen has the following income and deductions for 2016:
RECEIPTS FOR YEAR/Deductions
Salaries and wages from local school district $48,000
Interest from Friendly Bank 1,235
Dividends from Tandem Diabetic Corporation (a publicly traded
U.S. corporation) 36
Allowable itemized deductions 6,940
BUSINESS OPERATIONS-PROFESSIONAL SERVICES
Fee income collected 34,400
Interest expense 4,800
Office supplies 1,450
Insurance 1,260
Rental expense 12,895
Transportation 2,300
Continuing Education 975
Purchase of computer and peripherals 1,880
Prepare the following forms for Aileen for 2016:
Schedule C
Schedule SE
Provide any information that is not stated.