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completing three Tax Forms (Attached blank forms 2015 schedule D, 1040 and 8949). (Use the check figures to double check your work, Microsoft word attached): QUESTION: Spencer Duck (SSSN XXXXXXXXXXis...

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completing three Tax Forms (Attached blank forms 2015 schedule D, 1040 and 8949).

(Use the check figures to double check your work, Microsoft word attached):

QUESTION:

Spencer Duck (SSSN XXXXXXXXXXis single and his eight year old son, Mitch, lives with him nine months of the year in a rented condominium at 321 Hickory Drive in Ames, Iowa. Mitch lives with his mom, Spencer's Ex-wife, during the summer months. His mother provides more than half of Mitch's support and Spencer has agreed to allow her to claim Mitch as her dependent. Spencer has a salary of $39,000 and itemized deductions of $4,000. Taxes withheld during the year amount to $3,221. On July 14 of the current year, he sold the following assets:

Spencer received a K-1 from a partnership indicating that his share of the partnership STCL is $200

  • Land was sold for $35,000. The land was received as a property settlement on January 10,2001, when the land's FMV amounted to $30,000. His ex-wife's basis for the land, purchased on January 10, 1991, was $18,600
  • A personal-use computer acquired on March 2 last year for $4,000 was sold for $2,480.
  • A membership card for a prestigious country club was sold for $8,500. The care was acquired on October 10,1993, for $6,000
  • Marketable securities held as an investment were sold for $20,000. The securities were inheritied from his uncle, who died on March 10 of the current year when FMV of the securities was $21,000. The uncle purchased the securities on May 10, 1990, for $10,700.

In addition to the above sales, Spencer received a $100 refund of state income taxes paid last year. Spencer used the standard deduction last year to computer his tax liability.

Prepare Form XXXXXXXXXXand Schedule D for the current year

Document Preview:

1040 Individual Tax Return Check Figures: Form 1040: Page 1: Line 37 – AGI - $56,700 Page 2: Line 43 – Taxable Income - $43,450 Schedule D: Page 2: Line 16 – Combine Lines 7 and 15 - $17,700 Form 8949: Part II: Line 2 column h - $17,900

Answered Same Day Dec 27, 2021

Solution

David answered on Dec 27 2021
127 Votes
2015 Form 1040 (Schedule D)
SCHEDULE D
(Form 1040)
Department of the Treasury
Internal Revenue Service (99)
Capital Gains and Losses
â–¶ Attach to Form 1040 or Form 1040NR.
â–¶ Information about Schedule D and its separate instructions is at www.irs.gov/scheduled.
â–¶ Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10.
OMB No. 1545-0074
2015
Attachment
Sequence No. 12
Name(s) shown on return Your social security numbe
Part I Short-Term Capital Gains and Losses—Assets Held One Year or Less
See instructions for how to figure the amounts to enter on the
lines below.
This form may be easier to complete if you round off cents to
whole dollars.
(d)
Proceeds
(sales price)
(e)
Cost
(or other basis)
(g)
Adjustments
to gain or loss from
Form(s) 8949, Part I,
line 2, column (g)
(h) Gain or (loss)
Subtract column (e)
from column (d) and
combine the result with
column (g)
1a Totals for all short-term transactions reported on Form
1099-B for which basis was reported to the IRS and for
which you have no adjustments (see instructions).
However, if you choose to report all these transactions
on Form 8949, leave this line blank and go to line 1b .
1b Totals for all transactions reported on Form(s) 8949 with
Box A checked . . . . . . . . . . . . .
2

Totals for all transactions reported on Form(s) 8949 with
Box B checked . . . . . . . . . . . . .
3

Totals for all transactions reported on Form(s) 8949 with
Box C checked . . . . . . . . . . . . .
4 Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781, and 8824 . 4
5

Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from
Schedule(s) K-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6

Short-term capital loss ca
yover. Enter the amount, if any, from line 8 of your Capital Loss Ca
yover
Worksheet in the instructions . . . . . . . . . . . . . . . . . . . . . . . 6 ( )
7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any long-
term capital gains or losses, go to Part II below. Otherwise, go to Part III on the back . . . . . 7
Part II Long-Term Capital Gains and Losses—Assets Held More Than One Year
See instructions for how to figure the amounts to enter on the
lines below.
This form may be easier to complete if you round off cents to
whole dollars.
(d)
Proceeds
(sales price)
(e)
Cost
(or other basis)
(g)
Adjustments
to gain or loss from
Form(s) 8949, Part II,
line 2, column (g)
(h) Gain or (loss)
Subtract column (e)
from column (d) and
combine the result with
column (g)
8a Totals for all long-term transactions reported on Form
1099-B for which basis was reported to the IRS and for
which you have no adjustments (see instructions).
However, if you choose to report all these transactions
on Form 8949, leave this line blank and go to line 8b .
8b Totals for all transactions reported on Form(s) 8949 with
Box D checked . . . . . . . . . . . . .
9

Totals for all transactions reported on Form(s) 8949 with
Box E checked . . . . . . . . . . . . .
10

Totals for all transactions reported on Form(s) 8949 with
Box F checked. . . . . . . . . . . . . .
11

Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss)
from Forms 4684, 6781, and 8824 . . . . . . . . . . . . . . . . . . . . . . 11
12 Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 12
13 Capital gain distributions. See the instructions . . . . . . . . . . . . . . . . . . 13
14

Long-term capital loss ca
yover. Enter the amount, if any, from line 13 of your Capital Loss Ca
yover
Worksheet in the instructions . . . . . . . . . . . . . . . . . . . . . . . 14 ( ...
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