Cash method of accounting

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Reference no: EM13752818

In 2012, Bill and Joyce Schnappauf live in Wakefield, R.I. Bill is 53, and Joyce is 51. Bill is a district sales manager for USC Equipment Corporation, a Rhode Island firm that manufactures and distributes gaming equipment. Joyce is a self-employed author of children's books. The Schnappaufs have three children, Will, 21, Dan, 19, and Tom, 16. In February 2013, the Schnappaufs provide the following basic information for preparing their 2012 federal income tax return:

1. The Schnappaufsuse the cash method of accounting and file their return on a calendar-year basis.

2. Unless otherwise stated, assume that the Schnappaufs want to minimize the current year's tax liability. That is, they would like to defer income when possible and take the largest deductions possible, a practice they have followed in the past.

3. Joyce's Social Security number is .

4. Bill's Social Security number is

5. Will's Social Security number is

6. Dan's Social Security number is

7. Tom's Social Security number is

8. The Schnappaufs do not have any foreign bank accounts or foreign trusts.

9. Their address is Wakefield, R.I. (02879). 10. The Schnappaufs do not wish to contribute to the presidential election

Reference no: EM13752818

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