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:
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Debra had the
following stock transactions during 2013. A 1099-B was received for the
proceeds of each sale:
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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:
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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:
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Chris’s
accounting business is located in downtown Riverside. His business had the
following income and expense information for the year:
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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:
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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:
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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.
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