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Prepare a 2012 Schedule D, including Form 8949 and Form 4797 based on the data provided.Provide a memo summarizing any assumptions made, if any. You do not need to prepare the taxpayer's Form 1040 or any other related schedules.Taxpayer Joanne Johnson Single filer, no dependents Sole proprietor - runs a dog grooming business, reported on Schedule CSocial security number: 248-72-1030 DataJoanne sold 100 shares of ABC Industries on October 1, 2012 for $3,600. Joanne had acquired 50 shares of stock on April 1, 2010 at $30 per share and another 50 shares on April 1, 2012 for $24 per share.Joanne sold 200 shares of XYZ, Inc. for $4,000 on June 1, 2012. Joanne had purchased the stock on May 1, 2010 for $2,000.Both the ABC and XYZ stocks are publicly traded.Joanne had a long term capital loss carryover from 2011 of $500.Joanne uses a truck to pick up and deliver dogs and/or cats for her elderly client base. Because her business has grown, she needs a larger vehicle. So, she sold the truck for $15,000 on March 31, 2012. The truck had been purchased for $25,000 on January 1, 2009 and she had taken $13,000 in depreciation prior to the sale.Joanne sold a grooming table for $450 on April 1, 2012. The table had been acquired on June 15, 2008 at a cost of $6,000. Depreciation of $5,250 had been deducted up to the date of sale.Joanne sold her car to her little sister, Tammy. Joanne bought the car in 2009 for $20,000 and she sold it to her sister for $4,000.
Investment T ax Credit A reduction in corporate income taxes is equal to a percent of the cost of a new asset in the year that the new asset is placed in the servic
Problems for Benchmark HW: There are issues here that were not covered in live lecture, but here are some issues that you need to be conscious of when attempting the problems. t
Maskot Industries wishes to determine whether it would be advisable to replace an existing, fully depreciated machine with a new piece of equipment. The new machine will cost $300,
Your firm purchased a line of computer equipment for $1.5M four years ago. It is assigned a CCA rate of 20% and the firm has a tax rate of 35%. At the end of this year (year 4
how much will it be for a 1040 project?
Required: ? Use the following information to complete Phillip and Claire Dunphy's 2012 federal income tax return. If information is missing, use reasonable assumptions to fil
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn’t keep any signifi
Guay Corp a start up company provided services that were acceptable to its customers and billed those customers for $350,000 in 2012. However, Guay collected only $280,000 cash in
Alec Smart is 59 years of age and is planning for his retirement. Following a visit to his financial adviser in March of the current tax year, Alec wants to contribute funds to his
a. Explain how the variable called "Respectful Procedure" is constructed from the authors' survey responses. (What values can the variable take on? Does a bigger number mean more
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