Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
7. When filling out the forms and schedules, leave the “cents” columns blank; round all amounts to the nearest dollar. Also, do not insert zeros on lines for which there are no entries (unless the instructions specifically direct you to insert a zero); you should merely leave the lines blank. When assembling your return, pay attention to the “attachment sequence” number in the right-hand corner of each form; that is, you should assemble your completed return based on the attachment sequence numbers.
Taxpayer Information
1. Ginger Snap is single and has one child from her previous marriage, Hannah. Hannah lives with Ginger and Ginger provides more than half of her support. Hannah lived with Ginger for the entire year. Ginger provides you with the following additional information:
2. Ginger is employed as a financial consultant with Selective Consulting Services, Inc. Her annual salary is $72,580 Ginger’s pay stubs indicate that she has $8,250 withheld in federal taxes and $3,387 withheld in state taxes.
3. Ginger owns several investments. She received a statement from her brokerage firm reporting interest and dividends earned on the investments. She also received a statement showing how much interest SHE PAID during the year on her home mortgage.
Dividends Ginger RECEIVED
General Electric Gross dividends $800 (ordinary and qualified)
Interest Ginger RECEIVED
State of Wisconsin bonds Gross interest $500
Ford bonds Gross interest 200
State of Ohio bonds Gross interest 400
Interest Ginger PAID
PNC Bank Mortgage interest $8,900
4. Ginger also owns 1,000 shares of Peacock Oil and Drilling common stock. Peacock (ID # 45-45678900) is organized as an S Corporation and has 100,000 shares outstanding. Peacock reported taxable income of $300,000 and paid a distribution of $1.00 per share. Ginger does not materially participate in Peacock’s activities. Ginger received a K-1 from Peacock.
5. Ginger received a Form 1099-B from her broker for the sale of the following securities:
Security | Sale Date | Purchase Date | Sales Price | Ginger’s Basis |
Wisconsin bonds | 3/14/19 | 10/22/13 | $8,140 | $1,890 |
IBM Corp (500 shares) | 10/20/19 | 2/19/18 | $18,075 | $9,760 |
6. In addition to the taxes withheld from her salary, also made timely estimated federal tax payments of $200 per quarter and timely estimated state income tax payments of $200 per quarter. All payments were made in 2019.
7. In August 2019, Ginger received a federal refund of $580 and a state refund of $160, both related to her 2018 tax returns. Ginger took the standard deduction in 2018.
8. Ginger’s father died in November, 2018. From her father’s estate, she received her father’s house valued at $90,000 (his basis in the house was $55,000). Local practice is to allocate 12 percent of the fair market value of the property to the land (you will need this information in order to calculate Ginger’s basis in the house and land). See #9 below.
9. Ginger found a renter for her father’s house on January 1, 2019. Ginger received a total of $11,600 in rental payments in 2019. Ginger provides you with the following additional information for the rental in 2019:
Property taxes | $2,550 |
Other maintenance expenses | 800 |
Repair expenses | 400 |
Insurance expense | 1,200 |
Management fee | 900 |
Depreciation (to be computed) | ??? |
The rental property is located at 35 Harvest Street, Orono, Maine 04473. Ginger makes all the decisions with respect to the property.
10. Ginger paid $4,050 in real estate taxes on her principal residence.
11. Ginger incurred the following unreimbursed medical costs:
Dentist | $ 310 |
Doctor | 390 |
Prescription drugs | 215 |
Over-the-counter drugs | 140 |
Optometrist | 125 |
Emergency room charges | 440 |
LASIK eye surgery | 2,500 |
Chiropractor | 265 |
12. On June 14, 2019, Ginger contributed clothing to the Salvation Army. The original cost of the clothing was $740. She has substantiation valuing the donation at $360. The Salvation Army is located at 350 Stone Ridge Road, Amherst, New York 14120. In addition, she made the following cash contributions:
Canisius College | $ 1,850 |
United Way | 125 |
St. Andrews Church | 9,790 |
Amos House (homeless shelter) | 200 |
* Assume all of the above are qualifying charities.
13. Ginger sells real estate in the evening and on weekends (considered an active trade or business). She runs her business from a rental office she shares with several other realtors (692 River Road, Buffalo, New York 14223. The name of her business is Snap Real Estate and the Federal Identification Number of the business is 05-8799561. Her business code is 531210. Ginger has been operating in a business-like way since 2008 and has always shown a profit. She had the following income and expenses from her business:
Commissions earned | $24,250 |
Expenses: | |
Advertising | 2,600 |
Telephone | 95 |
Real estate license | 230 |
Rent | 7,000 |
Utilities | 1,450 |
Ginger uses her automobile, an Acura TL, in her business since July 1, 2018. During 2019, she property documented 6,000 business miles. The total mileage on her car (i.e., business-and-personal-use miles) during the year was 15,000 In 2019, Ginger elects to use the standard mileage method to calculate her car expenses. She also spent $180 on parking related to the real estate business.
14. Ginger has qualifying health insurance for both herself and Hannah for all of 2019.
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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