Received a gift of 1000 shares of ace corporation stock

Reference no: EM13569965

Alice Johnson, Social Security number 222-23-3334, is single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year:

• Received a $20,000 salary from her employee, who withheld a $3,000 federal income tax

• Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation.

The dividends are qualified dividends.

• Received $1,000 of interest income on bonds issued by the City of Tampa.

• Received a regular stock dividend of 50 shares of Ace Corporation stock with a $5,000 FMV.

• Alice's employer paid $2,000 of medical and health insurance premiums on her behalf.

• Received $12,000 alimony from her ex-husband.

• State University provided $60,000 of group term life insurance. Alice is 42 years old and is not a key employee. The table in the text is applicable.

• Received a $1,000 cash award from her employer for being designated the Secretary of the Year.

• The itemized deduction are $8,000 Complete Form 1040 and accompanying schedules for Alice Johnson's 2011 return. 1. List the forms and accompanying schedules for Alice Johnson's federal tax return 2. Line 9a - Total ordinary dividends 3. Line 22 - Total Income 4. Line 43 - Taxable Income 5. Line 60 - Total Tax.

Reference no: EM13569965

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