Bb Syllabus - 2192-ACCT-3315-003- X ACCT 3309 X * Homework Help - Q&A from Onl x + X C @ https://elearn.uta.edu/bbcswebdav/pid-8042486-dt-content-rid-137905887_1/users/jsrepsis/Acct%203315%20Spring%202019/Additional%20Materials/Acct%203315-003%... Q J ACCT 3309 1/ 4 C Principles of Federal Income Tax Acct 3315-003 Spring Semester 2019 Spencer W. Duck Tax Return Project Due Date: Beginning of Class on Tuesday, February 7, 2019 Turn in the Grade Sheet with your name on it as a cover sheet. This project is designed to help students become familiar with the process of filing a personal income tax return with the IRS and some of the common tax issues they are likely to face. Forms for the project may be obtained at http://www.irs.gov. Forms and all parts of the Form must be handwritten. Please do not turn in notebooks or folders or other report covers_The attached Grade Sheet will serve as the cover for the project. Using the following information, prepare a 2014 Federal income tax return for Spencer W. Duck. Include: Form 1040 Schedule 1 (Form 1040) Schedule B (Form 1040) Schedule D (Form 1040) Form 8949 Form 8814 Tax Computation Worksheet (worksheet as to how tax was computed - no special form required. This may be typed.) Notes to Tax Retum (list any items in problem either not used or only partially used with an explanation - no special form required. This may be typed.) Note: No other forms are to be turned in. + Note: The forms and all parts of the forms are to be handwritten. Failure to follow this requirement will result in a grade of zero for the project. O Type here to search 0 Ei a 9 A x 12:32 PM IIm 2/5/2019 Syllabus - 2192 - ACCT - 3.3.15- 0103 - x| [ ACCT 3:309 X Homework Help - Q&LA from On X|\\ + https : / / elearn uta . edu / blocs webday / pid - 804.24.86 - It - content - rid - 1379058.87_ 1/ users / jsrepsis / Acct 9 6 203.3. 15 %/6 205 pring *6 202019 / Additional 96 20 Materials / Acct */6 203.3.15- 0.03% .\\ Q {` : Spencer W. Duck 2018 U . S. Individual Tax Return ( Form 1040 ) Spencer W. Duck is single and lives at 321 Hickory Drive in Ames , Iowa BETOY .` His eight- year-old son , Mitch , lives with him nine months of the year in Spencer's rented condominium . Mitch lives with his mother , Daisy - Spencer's ex - wife during the summer months . His mother provides half of Mitch's support and Spencer has agreed to allow her to claim Mitch as her dependent .` Spencer has the following items pertaining to his 2018. Federal income tax return ." Spencer is age 35 (5:5 1: 3.3.3 - 22- 191 1 1 . Mitch is age &. ( SSN: 1 1 1- 23 - 4 5671 _ Other than Mitch , Spencer has no children .` As an information technology specialist , Spencer receives a $ 16: 4. 8.0.0 salary from his employer (World Electronics , LLL ) , who withheld $3.3, 3:010 in federal income tax . He paid $25,000 in alimony to his ex - wife ( Daisy , 5.5N : 222 - 4 4- 5.5.5.5 ). Mitch was divorced in 201.5 . His divorce decree was finalized in 2016 and* requires him to pay alimony .\\ He received a state income tax refund in 2018 of 53, 500 for state income* taxes withheld in 2017 . Last year I2017), he used the standard deduction when completing his 2017 Federal income tax return .` In 2018 , he had state income tax withheld from his wages of $5, 5,00 Other items .` ` Alcon Corporation bond interest income $7. 6:00 City of Drake band interestincome* $ 7, OOO Fear Corporation Dividend ( qualified) $ 4. 500 South Lake Mutual Fund\\ Capital Gain Distribution* TOO Ordinary Dividend ( qualified! ! $950 Gambling winnings from playing the slot machines : $15, 0010. Gambling losses - 52,0010. Spencer's nickname is " The Lucky Duck." Spencer had the following capital asset transactions in 2018 : " On March 1 , 2018 , land was sold for $36, 000 . The land was* received as a property settlement on January 10, 2015 , when the and's FMAY was $32, 0.0.0 . His ex - wife's basis for the land , purchased on January 10, 20100, was $28. 50.0 .` A personal - use computer acquired on March 2 , 2017 for $ 4. 0.0.0 was sold for $ 1 , 5, 8.0 on July 10, 2018 .` + A membership card for a prestigious Ames City country club was sold for $ 10. 5.0.0 on August 15, 2018. The card was acquired an October 10, 2013, for 56, 0.0.0 .` On August 16, 2018 , Spencer sold for $3, 7:00 his 10 shares of York Corporation purchased as an investment on February 16 , 2018 for* $2, 6:40. ( No code for Form 8949 is applicable ) . O Type here to search {` I \\a Syllabus - 2192 - ACCT - 3.3.15- 0103 - x| [ ACCT 3:309 X Homework Help - Q&LA from On X|\\ + https : / / elearn uta . edu / blocs webday / pid - 804.24.86 - It - content- rid - 137905.8.87_ 1/ users / jsrepsis / Acct %6 203.3. 15*6 205 pring %6 202019 / Additional 96 20 Materials / Acct %/ 203.3.15- 0.03%.` Q {` : On March 15 , 2018 , he sells for $6. 500 an antique watch fob . The fob was a gift from his grandfather on January 10 , 1958 , when its FNIV was $1 , 000 . The fab was purchased by his grandfather on* April 2, 1979 for $ 1, 500.` 10 shares of Texsun Industries , Inc . stock held as an investment were sold for $ 26. 090 on December 5 , 2018 . The securities were inherited from his uncle , who died on April 10 , 2014 when the fair* market value of the securities was $ 18, 000 . The uncle purchased the securities on January 101, 2012, for $1.5, Too. ( No code for Form $1.545 is applicable ) . He has a short - term capital loss carryover of }ESO from last year . Mitch has interest income of $9.50 from a Bank Of Ames certificate of deposit Which his mother put in his name . Neither Spencer , Daisy mom Mitch want Mitch to file a separate tax return and elect to include the* interest income on the appropriate parent's tax return .` Other than those items listed above , Spencer had no other itemized deductions . Spencer also has no foreign bank accounts nor other foreign assets or financial interests . Complete Form 1040 and accompanying schedules for Spencer W . Duck's Federal income tax return for the 201. & tax year . Use all rates and deductions* that are applicable for 2018. Ignore the additional credit for child and dependent Care EXPENSES and the alternative minimum tax_ Ignore any penalties , but Consider any applicable credits . In filling out Farm $549 , all transactions will have box ( C ) or ( F ) checked . There is no need to fill- out more than one Form 8:549 .` The return should contain all Information needed so that Spencer should be able to Immediately sign the return and send It to the IRS when you present It to him .\\ + O Type here to search {` I \\WE