Bob Minion (SSN 987-65-4321) is single and has a nine-year-old son, Kevin who lives with him nine months of the year in a rented condominium at 11621 Main Street in Sioux City, Iowa. Kevin lives with his mother, Bob's ex-wife, during the summer months. Sadly, she left Bob for her Pilates instructor named Scarlett Overkill. Kevin's mother provides more than half of Kevin's support and Bob has agreed to allow her to claim Kevin as her dependent. Bob has a salary of $43,000 and itemized deductions of $4,000 (none of the itemized deductions were charitable contributions). Taxes withheld during the year amount to $3,250. Bob received a K1 from a partnership indicating that his share of the partnership STCL is $300. On July 14 of the current year, he sold the following assets: - Land was sold for $36,000. The land was received as a property settlement on January 10,2010 , when the land's FMV amounted to $31,000. His ex-wife's basis for the land, purchased on January 10, 2002, was $19,600. - A personal-use computer acquired on March 2 last year for $5,000 was sold for $3,780 - A membership card for lifetime soda refills at Casey's convenience stores was sold for 8,500. The card was acquired on September 10, 2006, for $6,000. - Marketable securities held as an investment were sold for $20,000. The securities were inherited from his uncle Felonius Gru, who died sadly on March 10 of the current year from consuming poisonous jams and jellies. On the uncle's date of death, the FMV of the securities was $22,000 the uncle had purchased the securities on May 10,1990 for $10,700. In addition to the above sales, Bob received a S150 refund of state income taxes paid last year. Bob used the standard deduction last year to compute his tax liability. He had no transactions involving virtual currency. Prepare forms 1040, 8949 and schedule D for the current year. Bob Minion (SSN 987-65-4321) is single and has a nine-year-old son, Kevin who lives with him nine months of the year in a rented condominium at 11621 Main Street in Sioux City, Iowa. Kevin lives with his mother, Bob's ex-wife, during the summer months. Sadly, she left Bob for her Pilates instructor named Scarlett Overkill. Kevin's mother provides more than half of Kevin's support and Bob has agreed to allow her to claim Kevin as her dependent. Bob has a salary of $43,000 and itemized deductions of $4,000 (none of the itemized deductions were charitable contributions). Taxes withheld during the year amount to $3,250. Bob received a K1 from a partnership indicating that his share of the partnership STCL is $300. On July 14 of the current year, he sold the following assets: - Land was sold for $36,000. The land was received as a property settlement on January 10,2010 , when the land's FMV amounted to $31,000. His ex-wife's basis for the land, purchased on January 10, 2002, was $19,600. - A personal-use computer acquired on March 2 last year for $5,000 was sold for $3,780 - A membership card for lifetime soda refills at Casey's convenience stores was sold for 8,500. The card was acquired on September 10, 2006, for $6,000. - Marketable securities held as an investment were sold for $20,000. The securities were inherited from his uncle Felonius Gru, who died sadly on March 10 of the current year from consuming poisonous jams and jellies. On the uncle's date of death, the FMV of the securities was $22,000 the uncle had purchased the securities on May 10,1990 for $10,700. In addition to the above sales, Bob received a S150 refund of state income taxes paid last year. Bob used the standard deduction last year to compute his tax liability. He had no transactions involving virtual currency. Prepare forms 1040, 8949 and schedule D for the current year
