Cumulative Software Return assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Cumulative Software Return
Dr. Ivan I. Incisor and his wife Irene are married and file a joint return for 2020. Ivans Social Security number is 477-34-4321 and he is 56 years old (D.O.B. 7/18/64). Irene I. Incisors Social Security number is 637-34-4927 and she is 53 years old (D.O.B. 8/2/67). They live at 468 Mule Deer Lane, College Station, TX 77845.Dr. Incisor is a dentist and he took 6 months off work to attend a cosmetic dentistry degree program in 2020. He is employed at Bitewing Dental Clinic. For two of those months he was considered unemployed and received unemployment compensation.
The Incisors have a 12-year-old son (D.O.B. 2/15/2008), Ira, who is enrolled in the 6th grade at the Perpetual Perpetuity School. Iras Social Security number is 690-99-9999. When Irene began her Schedule C business, day care was needed for Ira after school. The Incisors paid $4,000 to a Day Care Center. The Day Care Center was (Humpty Dumpty, 100 College Station, TX 77845 Tax Id 38-0000000) The Incisors also have a 19 year-old daughter, Iris, who is a part-time freshman student at Snow Mass Community College (SMCC). Iris Social Security number is 899-99-9999. Iris is married to Sean Slacker (SS No. 896-33-0954), who is 19 years old and a part-time student at SMCC. Sean and Iris have a 1-year-old child, Seth Slacker (SS No. 648-99-4306). Sean, Iris, and Seth all live in an apartment up the street from Ivan and Irene during the entire current calendar year. Sean and Iris both work for Seans wealthy grandfather as apprentices in his business. Their wages for the year were a combined $50,000, which allowed them to pay all the personal expenses for themselves and their son. Ivan and Irene heard about the new $500 other dependent credit and were hoping to claim their daughter Iris.
Ivan went to a local casino and won $6,000 playing Keno on 7/04/2020. Ivan had no other gambling income or loss for the year. This amount was reported on the W-2G. The winnings were reported to Texas State Lottery Commission, Austin, TX. (fed id 38-1238790). There was no federal taxes withheld.
In February, Irene received $50,000 in life insurance proceeds from the death of her friend Sharon.
In July, Ivans Uncle Igor died and left him real estate (undeveloped land) worth $72,000.
In March of 2008 Ivan loaned a friend (Bob Borrower) $10,000. This debt was evidenced by a written note and Bob was supposed to repay it in 2020. In 2020 Bob filed for bankruptcy and the debt is completely worthless.
Ten years ago, Ivan and Irene were divorced. Ivan then married Mary Molar, but that marriage did not work out and they were divorced a year later. Eight years ago, Ivan and Irene were remarried. Under their divorce decree dated 12/12/2011, Ivan pays Mary $13,000 per year alimony. All payments were made on time during 2020. Marys Social Security number is 667-34-9224.Bitewing Dental Clinic, Inc., pays Ivans dental license fees and membership dues to dental organizations. During 2020, Bitewing paid $1,240 for such dues and fees for Ivan.
Ivan and Irene paid the following in 2020 (all by check or can otherwise be substantiated):
Interest on Ivans dental school loans-Form 1098E-Country Mortgage-Box 1 $2,500
(Ivan carried a half course load in 2020, and the loan was for tuition. The loan Interest paid in 2020 related to the tuition from the 2020 year).Tuition paid in 2020-Assume that Ivan took these courses to maintain and improve his existing skills as a Dentist. This amount was reported on the Form 1098-T. (See attached Form 1098-T). This was the first time Ivan has used any education credits.
Ivan has not been convicted of any felony drug offense.Determine the tax effects of the education expenses of $10,000
On June 17, Ivan purchased a new Professional HDV Camcorder for $17,000. While the Incisors were on vacation from 8/22-91/20, someone broke into their residence and stole the Camcorder. Ivans area was declared a major disaster area due to Hurricane Laura that occurred during this time period. The FEMA disaster declaration number was DR-4572-TX. There were several houses where there was looting. Ivans homeowners insurance did not reimburse him for any part of the loss since he declined the special premium add-on for high value items required by his policy. Ivan also filed a police report.
For the 2020 tax year, on March 15, 2020, Ivan contributed $5,000 to a traditional IRA for himself and $5,000 to a traditional IRA for his wife. He is not covered by a qualified retirement plan at work.
Ivan owned 1,000 shares of Behemoth Airline stock with a basis of $30 per share. The stock was purchased 12 years ago on June 10, 2007. Ivan sells 500 shares of Behemoth stock to his uncle Seth and 500 of the shares to his sister Sara for $5 per share on December 31, 2020. There was no 1099-B for the two sales above.
Form 1099 Bs related other personal investments and all other tax forms are provided below. Assume that there were no capital loss carryovers.
(Refer to the attached tax forms along with other information below for other deductible expenses or inclusions in income)
When entering on Intuit software assume the basis was not reported on the Form 1099-B for any of the sales
Ivan purchased 5 acres of land in Reno, NV, 13 years ago on 10/25/2004. His basis in land was $75,000. On December 31, 2020, he sold that land for $200,000 on the installment method to an unrelated party. Ivan received $45,000 in the year of sale, and the balance was payable at $15,500 per year for the next 10 years, plus market rate interest. The Incisors did not owe any money on the property. No interest will be received until 2020 since the sale was not made until December 31.
On May 15, 2020, Ivan and Irene sold their personal residence for $540,500 and purchased a new house for $725,000. There address was 587 Mockingbird Lane in College Station, TX 77845. They moved to their present address. Assume that there were only $500 in expenses for the sale since they did not use a realtor. They had owned the old house for 25 years. (Purchased on 6/10/92). It had an adjusted basis of $500,000 (Purchase price). Assume that they had no capital improvements on the home sold and that they wish to exclude the maximum gain available. Also assume that the Form 1099-S was received for the sale of the home. They received full payment for the sale. The house had been their personal residence for all the years they were married. They moved into the new house on May 18, 2020. Immediately after the purchase the Incisors Invested $10,000 in energy efficient solar panels and $5,000 to heat the existing swimming pool. The Incisors want to deduct the maximum possible for the Residential Energy Credit. Assume the Incisors have never taken these type of credits before.
On September 1, Irene opened a retail store that specializes in sports car accessories. She materially participated in the business.
The name of the store is Plus Two Comes. (EIN 38-0903267) The store is located at 617 Main Street, College Station, TX 77845. The store uses the cash method of accounting. Her income and expenses for the year are as follows: Assume that Plus Two Comes uses the cost method for its inventory.On December 12, Irene purchased the building (non-residential real estate) where her store is located. She paid $340,000 for the land and building. The building was valued at $240,000 for the land was valued at $100,000. Irenes store is the only business in the building.
In addition to the above items, Irene incurred travel expenses to attend a seminar on sports car accessories. She spent $300 on airfare, $400 on lodging, $100 on a rental car, and $150 on meals. Irene has proper receipts for these amounts.
Irene drove her 2004 Ford Explorer (placed into service on 6/01/2005) 1,634 miles for business, driven after September 1, 2020, related to Plus Two Cones. The Explorer was driven a total of 17,000 (business and personal for the year). Included in the 17,000 is 5,000 miles spent commuting to the store. Irene has the required substantiation for this business mileage. She uses the standard mileage method.
The Incisors own a rental beach house (single family residence) in Hawaii. The beach house was rented for the full year during 2020 and was not used by the Incisors during the year. The Incisors were active participants in the management of the rental. Pertinent information about the rental house is as follows:
The house is fully depreciated so there is no depreciation expense.
Required: Prepare the 2020 Federal Income Tax Return for Ivan and Irene Incisor using Intuit Software. Save as a pdf file and upload the For Filing pdf to the blackboard.Make sure the following you have the following forms prepared.
Form 1040 along with the 1040 Schedules 1, 2 and 3
Schedule A
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. 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