3. The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1–6.

On December 12, Irene purchased the building where her store is located. She paid

$240,000 for the building and $100,000 for the land it is located on. Irene’s store is the only business in the building.

Ivan owned 1,000 shares of Behemoth Airline stock with a basis of $30 per share. The stock was purchased 5 years ago on June 10. Ivan sells 500 shares of Behemoth stock to his uncle Seth and 500 of the shares to his sister Sara for $5 per share on December 31, 2010.

Assume for purposes of the continuation of this problem and the problem in Chapter 8 that the Incisors do not have $50,000 in private activity bond interest income. As a result, no AMT will be due.

Required: Combine this new information about the Incisor family with the information from Chapters 1–6 and complete a revised 2010 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in the next chapter. Note that your computer software should catch a surprise credit, which is discussed briefly at the end of Section 3.8.