1. Ken (birthdale july 1, 1990) and Amy (bitthdate July 4, 1992) Booth have brought you Amy owns and operates a computer bookstore named "The Disk Drive." The store is located at 2000 Broadway Street, Menomonie, WI 54751 . The business EIN is 271234567 and the principal business code for bookstores is 451211 . During 2020, Amy had the following income and expenses: Amy treats inventory as non-incidental materials and suppues. This year, Amy loaned a friend $10,000 so that he could make an investment. Instead of making the investment, the friend lost all the money gambling and left for parts unknown. Amy has no hope of ever collecting on this bad debt. Ken, who ordinarily never gambles, won $10,600 at a casino birthday party for one of his friends. The Booths provide the sole support for Ken's parents, Rod (Social Security number 124-80-9050) and Mary (Social Security number 489-37-6676) Booth, who live in their own home. Ken and Amy live at 2345 Wilson Avenue, Menomonie, WI, 54751, and their Social Security numbers are 343-75-3456 (Kentit for each parent. Ken and Amy Ken and Amy can claim a $500 other dependent credit for each parent. Ken and Amy received a $5,600 EIP in 2021. 1. 2021 on Form 1040, Required: Complete the Booths federal income tax 8949 . A statement is required to be Schedule 1, Schedule C, Schedule D, and Form of this requirement may be ignored attached to a retum for a nonbusiness bad debt, but this nequat with the bad debt when for this problem. Assume no 1099B is filed in assoc. 137,335 filling out Form 8949. 1. Ken (birthdale july 1, 1990) and Amy (bitthdate July 4, 1992) Booth have brought you Amy owns and operates a computer bookstore named "The Disk Drive." The store is located at 2000 Broadway Street, Menomonie, WI 54751 . The business EIN is 271234567 and the principal business code for bookstores is 451211 . During 2020, Amy had the following income and expenses: Amy treats inventory as non-incidental materials and suppues. This year, Amy loaned a friend $10,000 so that he could make an investment. Instead of making the investment, the friend lost all the money gambling and left for parts unknown. Amy has no hope of ever collecting on this bad debt. Ken, who ordinarily never gambles, won $10,600 at a casino birthday party for one of his friends. The Booths provide the sole support for Ken's parents, Rod (Social Security number 124-80-9050) and Mary (Social Security number 489-37-6676) Booth, who live in their own home. Ken and Amy live at 2345 Wilson Avenue, Menomonie, WI, 54751, and their Social Security numbers are 343-75-3456 (Kentit for each parent. Ken and Amy Ken and Amy can claim a $500 other dependent credit for each parent. Ken and Amy received a $5,600 EIP in 2021. 1. 2021 on Form 1040, Required: Complete the Booths federal income tax 8949 . A statement is required to be Schedule 1, Schedule C, Schedule D, and Form of this requirement may be ignored attached to a retum for a nonbusiness bad debt, but this nequat with the bad debt when for this problem. Assume no 1099B is filed in assoc. 137,335 filling out Form 8949
