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Name: TAX RETURN (CHAPTERS 5-8) Using the data shown on the following pages for HONG and LIAN CHANG, prepare the tax return either by hand or using the PDF fill-in forms and answer the following questions from your completed tax return: 1. What amount is reported as adjusted gross income? ______________________________ 2. What amount is reported as taxable income? ______________________________ 3. What amount is reported as total tax on line 44 of the 1040? ______________________________ 4. Is the taxpayer subject to the Alternative Minimum Tax (Yes or No)? _________________________ 5. How much in total credits can the taxpayer claim? ______________________________ 6. Is the taxpayer subject to the health care individual responsibility pmt? (Yes or No)? ____________ 7. What amount is reported as total payments? ______________________________ 8. How much is being deducted for taxes paid on Schedule A? ______________________________ 9. How much is being deducted for interest paid on Schedule A? _____________________________ 10. How much is being deducted for charitable contributions? ______________________________ 11. How much depreciation is being taken on the computer? ______________________________ 12. How much depreciation is being taken on the 2015 furniture? ____________________________ 13. How much depreciation is being taken on the 2013 furniture? ____________________________ 14. What is the net short-term capital gain or loss on Sched D? _____________________________ 15. What is the net long-term capital gain or loss on Sched D? _____________________________ Submission instructions: Using this page as a coversheet, please scan/print this page and the completed tax return to a single PDF file and upload the return through Canvas for grading on or before the due date noted in Canvas. Late returns will be subject to the late penalty and will only be accepted for 1 week beyond the due date. HONG and LIAN CHANG Hong and Lian Chang are both 36 years old and have been married for 10 years. Hong's social security number is 589-76-5432 and Lian's is 456-32-9876. They have two children, Jie (a daughter, SSN 414-56-7893, age 8) and Han (a son, SSN 634-56-7654, age 6). The family lives at 4562 S. 4880 E. Salt Lake City, UT 84145. Hong is an executive at Glenwood Corporation and his W-2 is attached. For health insurance, the family was covered under the Glenwood Corp group health insurance plan for the entire year. The Chang's have an account with Red Rock Investments. The 1099-DIV they received is attached. They also received a 1099-INT from their local bank, which is also attached. Red Rock Investments sent them a substitute Form 1099-B with the following information (basis was reported to the IRS): Security Description Date Date Sold Selling Price Adjusted Acquired Orange Inc 85 Shares common 5/11/2014 4/16/2015 2,870 Red Inc 45 Shares common 7/17/2003 7/31/2015 6,450 Purple Corp 110 Shares Preferred 12/8/2014 9/25/2015 11,980 Blue Inc Bonds 12/30/2004 1/2/2015 3,230 The Chang's 2014 return showed that they have a short-term capital loss carryover of $5,965. Basis 7,255 4,725 9,480 4,890 Lian is a bookkeeper and has a small accounting practice (Chang Accounting Services, business code 541213, EIN 98-7654321) that she operates on the cash basis. She issued all required Form(s) 1099 and her office is located at 2215 S. State Street, Salt Lake City, UT 84111. Her income and expenses for 2015 are as follows: Revenues Expenses Advertising Dues & Subscriptions Liability Insurance MACRS Depreciation (see below) Meals & Entertainment Office Expense Rent (office space) Taxes & Licenses Wages 111,300 2,850 1,700 5,750 ? 560 1,520 20,000 5,940 67,000 Lian does not know how much depreciation expense to record and would like you to calculate it for her and include the amounts on her return. She has the following information in her fixed asset records: 1. $7,748 in furniture was purchased on March 18, 2013. At the time of purchase, Lian did not take any bonus depreciation, nor did she elect to expense the purchase under Section 179. She used MACRS 200%. 2. A new business computer was purchased on March 4, 2015 for $3,400. Lian wants to take bonus and MACRS depreciation on the computer. 3. Some used office furniture was also purchased on June 18, 2015 for $2,560. If allowed, Lian wants to expense the used furniture fully under Section 179. During the year, the Chang's paid the following expenses (all of which can be substantiated): Home mortgage interest (see attached Form 1098) Home equity debt interest used to purchase a car and go on vacation 1,545 Credit card interest 1,320 Vehicle registration fees (based on the age of the car) 580 Automobile insurance (on their personal vehicle) 1,370 Utah income taxes paid in 2015 (for their 2014 return) 3,650 Property taxes paid on their personal residence (see attached Form 1098) Medical & dental expenses 5,650 385 miles driven for medical purposes Tax Preparation Fees 1,450 Charitable contributions: Tree-huggers Historical Society (a qualified charity) 1,885 Utah Open Lands (a qualified charity) 5,000 Jiang Orphanage (a Chinese organization) 750 140 miles driven for charitable purposes