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Accountancy 503—Fall 2016.

Added on - 13 Sep 2019

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Accountancy 503—Fall 2016Tax Return 3a—15 points; Due December 7Joon, age 51, is an unmarried, cash basis, calendar year taxpayer. Joon has 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/DeductionsSalaries and wages from local school district$78,000Interest from Friendly Bank1,235Dividends from Tandem Diabetic Corporation (a publicly tradedU.S. corporation)36Allowable itemized deductions6,970RENTAL OPERATIONSRental income14,400Interest expense7,800Property taxes1,450Insurance1,260Depreciation--Building2,895Depreciation—Appliances941SALE OF RENTAL RESIDENCESales price (October 26, 2016)210,600Cost (October 18, 2010)--$40,000 assigned to land119,600Depreciation allowed (Straight line MACRS)17,367Selling commission7,440Purchase costs (recording, other legal)2,760SALE OF APPLIANCES WITH RESIDENCESales price (October 26, 2016)6,600Cost (September 25, 2014)9,800Depreciation allowed (Straight line MACRS)6,037Prepare the following forms for Joon for 2016:Form 1040Schedule D (Required)—Worksheet Not Required—You may calculate thetax without completing the worksheet. See October 26 Solutions for anexample.Schedule EForm 4562Form 4797Provide any information that is not stated.
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