Delivering the return would be how much

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Question 1 - Please note how the gain on the building goes from Part III of Form 4797, to Schedule D, to Line 7 of the Form 1040. As such, the gain is taxed as a long-term capital gain. Is this correct? Explain.

Question 2 - Please note how the gain on the appliances goes from Part III of Form 4797, to Line 4 of Schedule 1, to Line 8 of the Form 1040. As such, the gain is taxed as ordinary income. Is this correct? Explain.

Question 3 - The rentals are assumed to qualify as QBI due to the fact that the owner;'s activities constitute a trade or business. Does the amount of the QBI deduction (Line 13 of the form 1040) appear to be correct. Explain.

Question 4 - I think my fee for completing this return, including interviewing the client, preparing the return, reviewing the return for accuracy, and delivering the return would be how much? The preparation of the return may take only 60 - 90 minutes using the software. Realize that is your lifeblood and that you have significant training and expertise and quite an investment in tax preparation software.

Reference no: EM133357693

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