Complete Form 4562 for River Runner Outdoor Center

Assignment Help Taxation

Reference no: EM131964795

Assignment -

The tax return is for a married couple. They are married filing jointly. 2018 tax laws must be applied. The Tax return is for which country so that i can look at their terms and condition for tax return because it has to be up to date as it has two of 2018 United States of America.

Sole Proprietorship 2018 Financial Information: River Runner Outdoor Center

Sales:

Canoe Rentals - $92,000
Outdoor equipment - $90,000
Cost of Goods sold - $56,900

Expenses -

Depreciation - must calculate
Salaries - $40,000
Payroll taxes (3 part time employees) - $4,000
Supplies - $4,200
Insurance - $5,000 (cover premises and fleet of canoes)
Repairs of equipment - $1,900

The store opened on January 15, 2017.

2017 Purchases:

Purchase of retail building 9/2/17		$250,000
Purchased 10/1/17	50 canoes	$50,000	5 year property
Purchased 2/5/17	canoe trailer	$15,000	7 year property
Purchased 9/6/17	store furniture	$9,800	7 year property

Walter took Section 179 expense for the full amount of the canoe trailer in 2017.

2017 Purchases:

Purchased 2/1/18	5 canoes	$5,000	5 year property
Purchased 6/5/18	Used truck to haul canoes	9,000	5 year property (not listed property)
Purchased 7/3/18	Office furniture	12,500	7 year property

Walter would like to take bonus depreciation on all assets purchased in 2018.

2018 Sales: On November 5, 2018, Walter sold the canoe trailer he purchased in 2017 for $10,000.

Required - Complete only the following forms for River Runner Outdoor Center using the above information.

1040 Schedule C
Form 4562
Form 4797
And a 1040 Schedule SE.

Client Information - The family has 2 children, Barry 15 years old and Jane 12 years old. The father, Walter is 46 years old and his wife Gayle is 44 years old.

Walter Felton - 444-25-9645

Gayle Felton - 432-96-7884

Barry Felton - 436-56-1123

Jane Felton - 436-46-2235

Attachment:- Assignment Files.rar

Reference no: EM131964795

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