Prepare rhett and scarlett tax return

Assignment Help Taxation

Reference no: EM131192116

Individual Income Tax

Rhett and Scarlett Butler provide you with the following information for 2015:

Rhett SS # 222-33-1234

Scarlett SS # 111-22-1234

Address: 1436 Franklin Pike Slippery Rock, PA 16057

Occupation

Rhett - Horse Trader

Scarlett - Self-Employed

Rhett and Scarlett have two children

Bonnie, SS# 444-55-6666 who is 20 years old and a student at Slippery Rock University

Clyde, SS# 666-55-4444 who is 15 years old

In addition Scarlett's father Mike O'Hara (SS# 111-11-1111) lives with them. Mike's only source of income is his Social Security.

Capital Gains

On 2/14/2005 Rhett and Scarlett bought 100 shares of Microsoft for $26 per share plus a commission of $50. On 7/31/15 the sold all 100 shares for $43 per share less a commission of $100. On 1/15/15 the bought 100 Shares of Big Sky Mining for $2,000. On 9/15/15 they sold the Big Sky for $1,500.

NOTE - Short-term gains or losses are reported in Part I of Form 8949 Long-term gains or losses are reported in Part II Assume that box A or D is checked.

TIP: Does mid-quarter convention apply?

TIP: Is the home equity interest an AMT trigger?

Required: Prepare rhett and scarlett's 2015 tax return including the following forms and schedules".

Attachment:- Assignment.rar

Reference no: EM131192116

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