Tax return exam - using the data shown on the following, Ask an Expert

Accounting

TAX RETURN EXAM -

Using the data shown on the following pages for HONG and LIANCHANG, prepare the tax return either by hand or using the PDF fill-in forms and answer the following questions from your completed tax return:

1. What amount is reported as adjusted gross income?

2. What amount is reported as taxable income?

3. What amount is reported as total tax on line 44 of the 1040?

4. Is the taxpayer subject to the Alternative Minimum Tax (Yes or No)?

5. How much in total credits can the taxpayer claim?

6. Is the taxpayer subject to the health care individual responsibility pmt? (Yes or No)?

7. What amount is reported as total payments?

8. How much is being deducted for taxes paid on Schedule A?

9. How much is being deducted for interest paid on Schedule A?

10. How much is being deducted for charitable contributions?

11. How much depreciation is being taken on the computer?

12. How much depreciation is being taken on the 2015furniture?

13. How much depreciation is being taken on the 2013furniture?

14. What is the net short-term capital gain or loss on Sched D?

15. What is the net long-term capital gain or loss on Sched D?

Attachment:- Tax Return Exam.rar

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Taxation, Accounting

Category:- Taxation
Reference No.:- M92018997

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