5:51PM 100% Itemized Deductions Individuals 7-43 law firm bers and a works part-time in a genetic research lab. The Jones' Social Security num- s follows: Name S.S. No. Age Peter 111-11-1111 32 Amy 222-22-222228 Aubrynne 333-33-3333 335- 5 Bryson 444-44-4444 3 Caden 555-55-5555 1 500 Receipts Peter's salary $70,000 Amy's salary 32,000 Interest income on municipal bonds 2.400 Interest income on certificate of deposit (Universal Savings) 3,100 Dividends on GM stock 1.600 Disbursements Eyeglasses and exam for Aubrynne $ 600 Orthodontic work for Bryson to correct a congenital defect 2,500 Medical insurance premiums, after-tax basis 1.800 Withholding for state income taxes 7,200 Withholding for federal income taxes 16,000 State income taxes paid with last year's tax return (paid when the return was filed in the current year) Property taxes on home 1,100 Property taxes on automobile 300 Interest on home 9,700 Interest on credit cards 200 Cash contribution to church 3,900 In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2004 for $300. Compute Peter and Amy's income tax liability for 2017 using Form 1040, Schedules A and B, and Form 8283, if necessary. Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Kellys Social Security number is 111111111 and Chanelles is 222 22-2222. The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively. Emma is a single college student and earned 58,000 during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives at home during the summer. Chet has a physical handicap and lives at home. He attends a local university and earned $4,000 working for a marketing firm. In sum, Kelly and Chanelle provide more than 50% of both Emma's and Chet's total support for the year. 17-60 Date Adjusted Basis Corporation Sycamore Oak Redwood FMV OM Dec. 1 9,600 2,900 5,400 7,800 3,800 4,900 Purchased 5/22/13 9/10/14 6/15/18 Which stock should Rebecca donate to charity? What other tax advice would you give her? 17:59 TAX FORM/RETURN PREPARATION PROBLEMS Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American us Next 5:51PM 100% Itemized Deductions Individuals 7-43 law firm bers and a works part-time in a genetic research lab. The Jones' Social Security num- s follows: Name S.S. No. Age Peter 111-11-1111 32 Amy 222-22-222228 Aubrynne 333-33-3333 335- 5 Bryson 444-44-4444 3 Caden 555-55-5555 1 500 Receipts Peter's salary $70,000 Amy's salary 32,000 Interest income on municipal bonds 2.400 Interest income on certificate of deposit (Universal Savings) 3,100 Dividends on GM stock 1.600 Disbursements Eyeglasses and exam for Aubrynne $ 600 Orthodontic work for Bryson to correct a congenital defect 2,500 Medical insurance premiums, after-tax basis 1.800 Withholding for state income taxes 7,200 Withholding for federal income taxes 16,000 State income taxes paid with last year's tax return (paid when the return was filed in the current year) Property taxes on home 1,100 Property taxes on automobile 300 Interest on home 9,700 Interest on credit cards 200 Cash contribution to church 3,900 In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2004 for $300. Compute Peter and Amy's income tax liability for 2017 using Form 1040, Schedules A and B, and Form 8283, if necessary. Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Kellys Social Security number is 111111111 and Chanelles is 222 22-2222. The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively. Emma is a single college student and earned 58,000 during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives at home during the summer. Chet has a physical handicap and lives at home. He attends a local university and earned $4,000 working for a marketing firm. In sum, Kelly and Chanelle provide more than 50% of both Emma's and Chet's total support for the year. 17-60 Date Adjusted Basis Corporation Sycamore Oak Redwood FMV OM Dec. 1 9,600 2,900 5,400 7,800 3,800 4,900 Purchased 5/22/13 9/10/14 6/15/18 Which stock should Rebecca donate to charity? What other tax advice would you give her? 17:59 TAX FORM/RETURN PREPARATION PROBLEMS Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American us Next