The following information is available for the Albert and Allison Gaytor family in addition to that provided

Question:

The following information is available for the Albert and Allison Gaytor family in addition to that provided in Chapters 1–7. On September 14, 2018, Allison purchased the building where her store is located. She paid $230,000 for the building and $100,000 for the land it is located on. Allison’s store is the only business in the building. The depreciation on the store needs to be reflected on Schedule C of the business. 

Required: 

Combine this new information about the Gaytor family with the information from Chapters 1–7 and complete a revised 2018 tax return for Albert and Allison. This completes the Group 5 multichapter case. 

Profit or Loss From Business SCHEDULE C OMB No. 1545-0074 (Form 1040) (Sole Proprietorship) 2018 Attachment Sequence No.


Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising . 9 Car and truck expenses






















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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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